Correlation Between Manulife All and Manulife Dividend
Specify exactly 2 symbols:
By analyzing existing cross correlation between Manulife All Cap and Manulife Dividend Income, you can compare the effects of market volatilities on Manulife All 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 All with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife All and Manulife Dividend.
Diversification Opportunities for Manulife All and Manulife Dividend
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Manulife and Manulife is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Manulife 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 Manulife All 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 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 Manulife All i.e., Manulife All and Manulife Dividend go up and down completely randomly.
Pair Corralation between Manulife All and Manulife Dividend
Assuming the 90 days trading horizon Manulife All Cap is expected to generate 1.49 times more return on investment than Manulife Dividend. However, Manulife All is 1.49 times more volatile than Manulife Dividend Income. It trades about 0.24 of its potential returns per unit of risk. Manulife Dividend Income is currently generating about 0.29 per unit of risk. If you would invest 5,378 in Manulife All Cap on September 13, 2024 and sell it today you would earn a total of 458.00 from holding Manulife All Cap or generate 8.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Manulife All Cap vs. Manulife Dividend Income
Performance |
| Timeline |
| Manulife All Cap |
| Manulife Dividend Income |
Manulife All and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife All and Manulife Dividend
The main advantage of trading using opposite Manulife All and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife All 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 All vs. RBC Select Balanced | Manulife All vs. RBC Portefeuille de | Manulife All vs. Edgepoint Global Portfolio | Manulife All vs. TD Comfort Balanced |
| Manulife Dividend vs. RBC Select Balanced | Manulife Dividend vs. RBC Portefeuille de | Manulife Dividend vs. Edgepoint Global Portfolio | Manulife Dividend 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |