Correlation Between Renaissance Global and Manulife Global
Specify exactly 2 symbols:
By analyzing existing cross correlation between Renaissance Global Science and Manulife Global Equity, you can compare the effects of market volatilities on Renaissance 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 Renaissance Global with a short position of Manulife Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Renaissance Global and Manulife Global.
Diversification Opportunities for Renaissance Global and Manulife Global
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Renaissance and Manulife is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Renaissance Global Science 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 Renaissance 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 Renaissance Global Science 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 Renaissance Global i.e., Renaissance Global and Manulife Global go up and down completely randomly.
Pair Corralation between Renaissance Global and Manulife Global
Assuming the 90 days trading horizon Renaissance Global Science is expected to generate 1.5 times more return on investment than Manulife Global. However, Renaissance Global is 1.5 times more volatile than Manulife Global Equity. It trades about 0.01 of its potential returns per unit of risk. Manulife Global Equity is currently generating about -0.33 per unit of risk. If you would invest 2,929 in Renaissance Global Science on October 12, 2024 and sell it today you would earn a total of 5.00 from holding Renaissance Global Science or generate 0.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Renaissance Global Science vs. Manulife Global Equity
Performance |
| Timeline |
| Renaissance Global |
| Manulife Global Equity |
Renaissance Global and Manulife Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Renaissance Global and Manulife Global
The main advantage of trading using opposite Renaissance Global and Manulife Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Renaissance 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.| Renaissance Global vs. Global Healthcare Income | Renaissance Global vs. CI Global Alpha | Renaissance Global vs. CI Global Alpha | Renaissance Global vs. CDSPI Global Growth |
| Manulife Global vs. Global Healthcare Income | Manulife Global vs. CI Global Alpha | Manulife Global vs. CI Global Alpha | Manulife Global vs. CDSPI Global Growth |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |