Correlation Between Fidelity ClearPath and Manulife Dividend
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By analyzing existing cross correlation between Fidelity ClearPath 2045 and Manulife Dividend Income, you can compare the effects of market volatilities on Fidelity ClearPath and Manulife Dividend 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 Fidelity ClearPath with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity ClearPath and Manulife Dividend.
Diversification Opportunities for Fidelity ClearPath and Manulife Dividend
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Fidelity and Manulife is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity ClearPath 2045 and Manulife Dividend Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife Dividend Income and Fidelity ClearPath 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 Fidelity ClearPath 2045 are associated (or correlated) with Manulife Dividend. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife Dividend Income has no effect on the direction of Fidelity ClearPath i.e., Fidelity ClearPath and Manulife Dividend go up and down completely randomly.
Pair Corralation between Fidelity ClearPath and Manulife Dividend
Assuming the 90 days trading horizon Fidelity ClearPath 2045 is expected to generate 1.05 times more return on investment than Manulife Dividend. However, Fidelity ClearPath is 1.05 times more volatile than Manulife Dividend Income. It trades about 0.31 of its potential returns per unit of risk. Manulife Dividend Income is currently generating about 0.14 per unit of risk. If you would invest 2,769 in Fidelity ClearPath 2045 on September 13, 2024 and sell it today you would earn a total of 74.00 from holding Fidelity ClearPath 2045 or generate 2.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Fidelity ClearPath 2045 vs. Manulife Dividend Income
Performance |
| Timeline |
| Fidelity ClearPath 2045 |
| Manulife Dividend Income |
Fidelity ClearPath and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity ClearPath and Manulife Dividend
The main advantage of trading using opposite Fidelity ClearPath and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity ClearPath position performs unexpectedly, Manulife Dividend 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 Dividend will offset losses from the drop in Manulife Dividend's long position.| Fidelity ClearPath vs. Fidelity Small Cap | Fidelity ClearPath vs. Fidelity Canadian Growth | Fidelity ClearPath vs. Fidelity Global Innovators | Fidelity ClearPath vs. Fidelity Canadian Growth |
| Manulife Dividend vs. Manulife All Cap | Manulife Dividend vs. Manulife Global Equity | Manulife Dividend vs. Manulife Dividend Income | Manulife Dividend vs. Fidelity Tactical High |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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