Correlation Between CI Black and Manulife Global
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By analyzing existing cross correlation between CI Black Creek and Manulife Global Equity, you can compare the effects of market volatilities on CI Black 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 CI Black with a short position of Manulife Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of CI Black and Manulife Global.
Diversification Opportunities for CI Black and Manulife Global
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between 0P0000752C and Manulife is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding CI Black Creek 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 CI Black 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 CI Black Creek 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 CI Black i.e., CI Black and Manulife Global go up and down completely randomly.
Pair Corralation between CI Black and Manulife Global
Assuming the 90 days trading horizon CI Black Creek is expected to under-perform the Manulife Global. But the fund apears to be less risky and, when comparing its historical volatility, CI Black Creek is 1.05 times less risky than Manulife Global. The fund trades about -0.21 of its potential returns per unit of risk. The Manulife Global Equity is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 5,200 in Manulife Global Equity on August 26, 2024 and sell it today you would lose (17.00) from holding Manulife Global Equity or give up 0.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CI Black Creek vs. Manulife Global Equity
Performance |
| Timeline |
| CI Black Creek |
| Manulife Global Equity |
CI Black and Manulife Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CI Black and Manulife Global
The main advantage of trading using opposite CI Black and Manulife Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CI Black 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.| CI Black vs. Manulife Global Equity | CI Black vs. CI Global Unconstrained | CI Black vs. Russell Investments Global | CI Black vs. Middlefield Global Real |
| Manulife Global vs. RBC Select Balanced | Manulife Global vs. RBC Portefeuille de | Manulife Global vs. TD Comfort Balanced | Manulife Global vs. RBC Global Equity |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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