Correlation Between Invesco Global and Manulife Global
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By analyzing existing cross correlation between Invesco Global Companies and Manulife Global Equity, you can compare the effects of market volatilities on Invesco Global and Manulife Global 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 Invesco Global with a short position of Manulife Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Invesco Global and Manulife Global.
Diversification Opportunities for Invesco Global and Manulife Global
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Invesco and Manulife is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Invesco Global Companies and Manulife Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife Global Equity and Invesco Global 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 Invesco Global Companies are associated (or correlated) with Manulife Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife Global Equity has no effect on the direction of Invesco Global i.e., Invesco Global and Manulife Global go up and down completely randomly.
Pair Corralation between Invesco Global and Manulife Global
Assuming the 90 days trading horizon Invesco Global Companies is expected to generate 1.12 times more return on investment than Manulife Global. However, Invesco Global is 1.12 times more volatile than Manulife Global Equity. It trades about 0.15 of its potential returns per unit of risk. Manulife Global Equity is currently generating about 0.08 per unit of risk. If you would invest 6,101 in Invesco Global Companies on September 14, 2024 and sell it today you would earn a total of 1,547 from holding Invesco Global Companies or generate 25.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.6% |
| Values | Daily Returns |
Invesco Global Companies vs. Manulife Global Equity
Performance |
| Timeline |
| Invesco Global Companies |
| Manulife Global Equity |
Invesco Global and Manulife Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Invesco Global and Manulife Global
The main advantage of trading using opposite Invesco Global and Manulife Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Invesco Global position performs unexpectedly, Manulife Global 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 Global will offset losses from the drop in Manulife Global's long position.| Invesco Global vs. Edgepoint Global Portfolio | Invesco Global vs. RBC Global Equity | Invesco Global vs. TD Comfort Aggressive |
| Manulife Global vs. Edgepoint Global Portfolio | Manulife Global vs. RBC Global Equity | Manulife Global vs. Invesco Global Companies | Manulife Global vs. TD Comfort Aggressive |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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