Correlation Between Manulife Global and Edgepoint Global
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By analyzing existing cross correlation between Manulife Global Equity and Edgepoint Global Portfolio, you can compare the effects of market volatilities on Manulife Global and Edgepoint 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 Edgepoint Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Global and Edgepoint Global.
Diversification Opportunities for Manulife Global and Edgepoint Global
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Manulife and Edgepoint is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Global Equity and Edgepoint Global Portfolio in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Edgepoint Global Por 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 Edgepoint Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Edgepoint Global Por has no effect on the direction of Manulife Global i.e., Manulife Global and Edgepoint Global go up and down completely randomly.
Pair Corralation between Manulife Global and Edgepoint Global
Assuming the 90 days trading horizon Manulife Global is expected to generate 1.24 times less return on investment than Edgepoint Global. But when comparing it to its historical volatility, Manulife Global Equity is 1.06 times less risky than Edgepoint Global. It trades about 0.19 of its potential returns per unit of risk. Edgepoint Global Portfolio is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 3,816 in Edgepoint Global Portfolio on September 14, 2024 and sell it today you would earn a total of 106.00 from holding Edgepoint Global Portfolio or generate 2.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Manulife Global Equity vs. Edgepoint Global Portfolio
Performance |
| Timeline |
| Manulife Global Equity |
| Edgepoint Global Por |
Manulife Global and Edgepoint Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Global and Edgepoint Global
The main advantage of trading using opposite Manulife Global and Edgepoint Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife Global position performs unexpectedly, Edgepoint 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 Edgepoint Global will offset losses from the drop in Edgepoint Global'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 |
| Edgepoint Global vs. RBC Global Equity | Edgepoint Global vs. Invesco Global Companies | Edgepoint Global vs. TD Comfort Aggressive |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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