Correlation Between Manulife Global and Manulife Dividend
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By analyzing existing cross correlation between Manulife Global Equity and Manulife Dividend Income, you can compare the effects of market volatilities on Manulife 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 Manulife Global with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Global and Manulife Dividend.
Diversification Opportunities for Manulife Global and Manulife Dividend
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Manulife and Manulife is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Global Equity 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 Manulife 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 Manulife Global Equity 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 Manulife Global i.e., Manulife Global and Manulife Dividend go up and down completely randomly.
Pair Corralation between Manulife Global and Manulife Dividend
Assuming the 90 days trading horizon Manulife Global is expected to generate 1.44 times less return on investment than Manulife Dividend. But when comparing it to its historical volatility, Manulife Global Equity is 1.3 times less risky than Manulife Dividend. It trades about 0.1 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 997.00 in Manulife Dividend Income on September 14, 2024 and sell it today you would earn a total of 234.00 from holding Manulife Dividend Income or generate 23.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 54.67% |
| Values | Daily Returns |
Manulife Global Equity vs. Manulife Dividend Income
Performance |
| Timeline |
| Manulife Global Equity |
| Manulife Dividend Income |
Manulife Global and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Global and Manulife Dividend
The main advantage of trading using opposite Manulife Global and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife 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.| Manulife Global vs. Edgepoint Global Portfolio | Manulife Global vs. RBC Global Equity | Manulife Global vs. Invesco Global Companies | Manulife 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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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