Correlation Between Manulife Dividend and Manulife All
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By analyzing existing cross correlation between Manulife Dividend Income and Manulife All Cap, you can compare the effects of market volatilities on Manulife Dividend 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 Manulife Dividend with a short position of Manulife All. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Dividend and Manulife All.
Diversification Opportunities for Manulife Dividend and Manulife All
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Manulife and Manulife is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Dividend Income 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 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 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 Manulife Dividend i.e., Manulife Dividend and Manulife All go up and down completely randomly.
Pair Corralation between Manulife Dividend and Manulife All
Assuming the 90 days trading horizon Manulife Dividend Income is expected to generate 0.74 times more return on investment than Manulife All. However, Manulife Dividend Income is 1.35 times less risky than Manulife All. It trades about 0.31 of its potential returns per unit of risk. Manulife All Cap is currently generating about 0.2 per unit of risk. If you would invest 1,201 in Manulife Dividend Income on September 13, 2024 and sell it today you would earn a total of 30.00 from holding Manulife Dividend Income or generate 2.5% 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. Manulife All Cap
Performance |
| Timeline |
| Manulife Dividend Income |
| Manulife All Cap |
Manulife Dividend and Manulife All Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Dividend and Manulife All
The main advantage of trading using opposite Manulife Dividend and Manulife All positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife Dividend 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.| Manulife Dividend vs. RBC Select Balanced | Manulife Dividend vs. RBC Portefeuille de | Manulife Dividend vs. Edgepoint Global Portfolio | Manulife Dividend vs. TD Comfort Balanced |
| 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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