Correlation Between Manulife Global and CDSPI Global
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By analyzing existing cross correlation between Manulife Global Equity and CDSPI Global Growth, you can compare the effects of market volatilities on Manulife Global and CDSPI 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 Manulife Global with a short position of CDSPI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Global and CDSPI Global.
Diversification Opportunities for Manulife Global and CDSPI Global
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Manulife and CDSPI is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Global Equity and CDSPI Global Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CDSPI Global Growth 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 CDSPI Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CDSPI Global Growth has no effect on the direction of Manulife Global i.e., Manulife Global and CDSPI Global go up and down completely randomly.
Pair Corralation between Manulife Global and CDSPI Global
Assuming the 90 days trading horizon Manulife Global Equity is expected to under-perform the CDSPI Global. But the fund apears to be less risky and, when comparing its historical volatility, Manulife Global Equity is 1.39 times less risky than CDSPI Global. The fund trades about -0.31 of its potential returns per unit of risk. The CDSPI Global Growth is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 6,108 in CDSPI Global Growth on October 12, 2024 and sell it today you would lose (44.00) from holding CDSPI Global Growth or give up 0.72% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Manulife Global Equity vs. CDSPI Global Growth
Performance |
| Timeline |
| Manulife Global Equity |
| CDSPI Global Growth |
Manulife Global and CDSPI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Global and CDSPI Global
The main advantage of trading using opposite Manulife Global and CDSPI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife Global position performs unexpectedly, CDSPI 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 CDSPI Global will offset losses from the drop in CDSPI Global's long position.| Manulife Global vs. Manulife All Cap | Manulife Global vs. Manulife Dividend Income | Manulife Global vs. Manulife Dividend Income | Manulife Global vs. Fidelity Tactical High |
| CDSPI Global vs. Global Healthcare Income | CDSPI Global vs. CI Global Alpha | CDSPI Global vs. CI Global Alpha | CDSPI Global vs. Invesco Global Companies |
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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