Correlation Between Manulife Global and Fidelity ClearPath
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By analyzing existing cross correlation between Manulife Global Equity and Fidelity ClearPath 2045, you can compare the effects of market volatilities on Manulife Global and Fidelity ClearPath 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 Fidelity ClearPath. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Global and Fidelity ClearPath.
Diversification Opportunities for Manulife Global and Fidelity ClearPath
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Manulife and Fidelity is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Global Equity and Fidelity ClearPath 2045 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity ClearPath 2045 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 Fidelity ClearPath. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity ClearPath 2045 has no effect on the direction of Manulife Global i.e., Manulife Global and Fidelity ClearPath go up and down completely randomly.
Pair Corralation between Manulife Global and Fidelity ClearPath
Assuming the 90 days trading horizon Manulife Global is expected to generate 1.26 times less return on investment than Fidelity ClearPath. But when comparing it to its historical volatility, Manulife Global Equity is 1.02 times less risky than Fidelity ClearPath. It trades about 0.1 of its potential returns per unit of risk. Fidelity ClearPath 2045 is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 2,029 in Fidelity ClearPath 2045 on September 14, 2024 and sell it today you would earn a total of 834.00 from holding Fidelity ClearPath 2045 or generate 41.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.39% |
| Values | Daily Returns |
Manulife Global Equity vs. Fidelity ClearPath 2045
Performance |
| Timeline |
| Manulife Global Equity |
| Fidelity ClearPath 2045 |
Manulife Global and Fidelity ClearPath Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Global and Fidelity ClearPath
The main advantage of trading using opposite Manulife Global and Fidelity ClearPath positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife Global position performs unexpectedly, Fidelity ClearPath 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 Fidelity ClearPath will offset losses from the drop in Fidelity ClearPath'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 |
| Fidelity ClearPath vs. RBC Select Balanced | Fidelity ClearPath vs. RBC Portefeuille de | Fidelity ClearPath vs. Edgepoint Global Portfolio | Fidelity ClearPath 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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