Correlation Between Manulife Dividend and RBC Select
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By analyzing existing cross correlation between Manulife Dividend Income and RBC Select Balanced, you can compare the effects of market volatilities on Manulife Dividend and RBC Select 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 Manulife Dividend with a short position of RBC Select. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Dividend and RBC Select.
Diversification Opportunities for Manulife Dividend and RBC Select
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Manulife and RBC is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Dividend Income and RBC Select Balanced in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RBC Select Balanced and Manulife Dividend 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 Manulife Dividend Income are associated (or correlated) with RBC Select. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RBC Select Balanced has no effect on the direction of Manulife Dividend i.e., Manulife Dividend and RBC Select go up and down completely randomly.
Pair Corralation between Manulife Dividend and RBC Select
Assuming the 90 days trading horizon Manulife Dividend Income is expected to generate 1.82 times more return on investment than RBC Select. However, Manulife Dividend is 1.82 times more volatile than RBC Select Balanced. It trades about 0.11 of its potential returns per unit of risk. RBC Select Balanced is currently generating about 0.13 per unit of risk. If you would invest 1,016 in Manulife Dividend Income on September 14, 2024 and sell it today you would earn a total of 215.00 from holding Manulife Dividend Income or generate 21.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Manulife Dividend Income vs. RBC Select Balanced
Performance |
| Timeline |
| Manulife Dividend Income |
| RBC Select Balanced |
Manulife Dividend and RBC Select Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Dividend and RBC Select
The main advantage of trading using opposite Manulife Dividend and RBC Select positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife Dividend position performs unexpectedly, RBC Select 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 RBC Select will offset losses from the drop in RBC Select's long position.| Manulife Dividend vs. Manulife All Cap | Manulife Dividend vs. Manulife Global Equity | Manulife Dividend vs. Manulife Dividend Income | Manulife Dividend vs. Fidelity Tactical High |
| RBC Select vs. TD Comfort Balanced | RBC Select vs. Mawer Balanced | RBC Select vs. Desjardins Melodia 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 Stocks Directory module to find actively traded stocks across global markets.
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