Correlation Between RBC Select and Manulife All
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By analyzing existing cross correlation between RBC Select Balanced and Manulife All Cap, you can compare the effects of market volatilities on RBC Select and Manulife All 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 RBC Select with a short position of Manulife All. Check out your portfolio center. Please also check ongoing floating volatility patterns of RBC Select and Manulife All.
Diversification Opportunities for RBC Select and Manulife All
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between RBC and Manulife is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding RBC Select Balanced and Manulife All Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife All Cap and RBC Select 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 RBC Select Balanced are associated (or correlated) with Manulife All. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife All Cap has no effect on the direction of RBC Select i.e., RBC Select and Manulife All go up and down completely randomly.
Pair Corralation between RBC Select and Manulife All
Assuming the 90 days trading horizon RBC Select is expected to generate 2.8 times less return on investment than Manulife All. But when comparing it to its historical volatility, RBC Select Balanced is 2.67 times less risky than Manulife All. It trades about 0.23 of its potential returns per unit of risk. Manulife All Cap is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 5,378 in Manulife All Cap on September 13, 2024 and sell it today you would earn a total of 458.00 from holding Manulife All Cap or generate 8.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
RBC Select Balanced vs. Manulife All Cap
Performance |
| Timeline |
| RBC Select Balanced |
| Manulife All Cap |
RBC Select and Manulife All Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with RBC Select and Manulife All
The main advantage of trading using opposite RBC Select and Manulife All positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if RBC Select position performs unexpectedly, Manulife All 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 Manulife All will offset losses from the drop in Manulife All's long position.| RBC Select vs. RBC mondial dnergie | RBC Select vs. RBC dactions mondiales | RBC Select vs. RBC European Mid Cap | RBC Select vs. RBC Global Technology |
| Manulife All vs. RBC Select Balanced | Manulife All vs. RBC Portefeuille de | Manulife All vs. Edgepoint Global Portfolio | Manulife All vs. TD Comfort Balanced |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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