Correlation Between Edgepoint Global and Manulife Dividend
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By analyzing existing cross correlation between Edgepoint Global Portfolio and Manulife Dividend Income, you can compare the effects of market volatilities on Edgepoint Global 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 Edgepoint Global with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Edgepoint Global and Manulife Dividend.
Diversification Opportunities for Edgepoint Global and Manulife Dividend
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Edgepoint and Manulife is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Edgepoint Global Portfolio 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 Edgepoint 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 Edgepoint Global Portfolio 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 Edgepoint Global i.e., Edgepoint Global and Manulife Dividend go up and down completely randomly.
Pair Corralation between Edgepoint Global and Manulife Dividend
Assuming the 90 days trading horizon Edgepoint Global is expected to generate 1.55 times less return on investment than Manulife Dividend. But when comparing it to its historical volatility, Edgepoint Global Portfolio is 1.16 times less risky than Manulife Dividend. It trades about 0.08 of its potential returns per unit of risk. Manulife Dividend Income is currently generating about 0.11 of returns per unit of risk over similar time horizon. 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 | 99.6% |
| Values | Daily Returns |
Edgepoint Global Portfolio vs. Manulife Dividend Income
Performance |
| Timeline |
| Edgepoint Global Por |
| Manulife Dividend Income |
Edgepoint Global and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Edgepoint Global and Manulife Dividend
The main advantage of trading using opposite Edgepoint Global and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Edgepoint Global 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.| Edgepoint Global vs. RBC Global Equity | Edgepoint Global vs. Invesco Global Companies | Edgepoint Global vs. TD Comfort Aggressive |
| 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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