Correlation Between MFS High and Kayne Anderson
Can any of the company-specific risk be diversified away by investing in both MFS High and Kayne Anderson at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining MFS High and Kayne Anderson into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MFS High Income and Kayne Anderson Midstreamenergy, you can compare the effects of market volatilities on MFS High and Kayne Anderson and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in MFS High with a short position of Kayne Anderson. Check out your portfolio center. Please also check ongoing floating volatility patterns of MFS High and Kayne Anderson.
Diversification Opportunities for MFS High and Kayne Anderson
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MFS and Kayne is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MFS High Income and Kayne Anderson Midstreamenergy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kayne Anderson Midst and MFS High is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on MFS High Income are associated (or correlated) with Kayne Anderson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kayne Anderson Midst has no effect on the direction of MFS High i.e., MFS High and Kayne Anderson go up and down completely randomly.
Pair Corralation between MFS High and Kayne Anderson
If you would invest 373.00 in MFS High Income on December 2, 2024 and sell it today you would earn a total of 9.00 from holding MFS High Income or generate 2.41% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
MFS High Income vs. Kayne Anderson Midstreamenergy
Performance |
Timeline |
MFS High Income |
Kayne Anderson Midst |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
MFS High and Kayne Anderson Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with MFS High and Kayne Anderson
The main advantage of trading using opposite MFS High and Kayne Anderson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MFS High position performs unexpectedly, Kayne Anderson can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Kayne Anderson will offset losses from the drop in Kayne Anderson's long position.MFS High vs. MFS Investment Grade | MFS High vs. Eaton Vance National | MFS High vs. Blackrock Muniholdings Ny | MFS High vs. Nuveen California Select |
Kayne Anderson vs. Kayne Anderson MLP | Kayne Anderson vs. Clearbridge Energy Mlp | Kayne Anderson vs. Neuberger Berman Mlp |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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