Correlation Between PHN Multi and Manulife Dividend
Specify exactly 2 symbols:
By analyzing existing cross correlation between PHN Multi Style All Cap and Manulife Dividend Income, you can compare the effects of market volatilities on PHN Multi 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 PHN Multi with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of PHN Multi and Manulife Dividend.
Diversification Opportunities for PHN Multi and Manulife Dividend
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between PHN and Manulife is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding PHN Multi Style All Cap 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 PHN Multi 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 PHN Multi Style All Cap 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 PHN Multi i.e., PHN Multi and Manulife Dividend go up and down completely randomly.
Pair Corralation between PHN Multi and Manulife Dividend
Assuming the 90 days trading horizon PHN Multi Style All Cap is expected to generate 1.6 times more return on investment than Manulife Dividend. However, PHN Multi is 1.6 times more volatile than Manulife Dividend Income. It trades about 0.05 of its potential returns per unit of risk. Manulife Dividend Income is currently generating about 0.06 per unit of risk. If you would invest 2,638 in PHN Multi Style All Cap on October 25, 2024 and sell it today you would earn a total of 22.00 from holding PHN Multi Style All Cap or generate 0.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 94.74% |
| Values | Daily Returns |
PHN Multi Style All Cap vs. Manulife Dividend Income
Performance |
| Timeline |
| PHN Multi Style |
| Manulife Dividend Income |
PHN Multi and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PHN Multi and Manulife Dividend
The main advantage of trading using opposite PHN Multi and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PHN Multi 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.| PHN Multi vs. CI Global Alpha | PHN Multi vs. Dynamic Global Fixed | PHN Multi vs. CI Global Unconstrained | PHN Multi vs. Manulife Global Equity |
| 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities |