Correlation Between Manulife All and Fidelity ClearPath
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By analyzing existing cross correlation between Manulife All Cap and Fidelity ClearPath 2045, you can compare the effects of market volatilities on Manulife All 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 All with a short position of Fidelity ClearPath. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife All and Fidelity ClearPath.
Diversification Opportunities for Manulife All and Fidelity ClearPath
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Manulife and Fidelity is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Manulife All Cap 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 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 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 All i.e., Manulife All and Fidelity ClearPath go up and down completely randomly.
Pair Corralation between Manulife All and Fidelity ClearPath
Assuming the 90 days trading horizon Manulife All Cap is expected to generate 1.53 times more return on investment than Fidelity ClearPath. However, Manulife All is 1.53 times more volatile than Fidelity ClearPath 2045. It trades about 0.15 of its potential returns per unit of risk. Fidelity ClearPath 2045 is currently generating about 0.12 per unit of risk. If you would invest 4,147 in Manulife All Cap on September 14, 2024 and sell it today you would earn a total of 1,689 from holding Manulife All Cap or generate 40.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 54.34% |
| Values | Daily Returns |
Manulife All Cap vs. Fidelity ClearPath 2045
Performance |
| Timeline |
| Manulife All Cap |
| Fidelity ClearPath 2045 |
Manulife All and Fidelity ClearPath Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife All and Fidelity ClearPath
The main advantage of trading using opposite Manulife All and Fidelity ClearPath positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife All 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 All vs. RBC Select Balanced | Manulife All vs. RBC Portefeuille de | Manulife All vs. Edgepoint Global Portfolio | Manulife All vs. TD Comfort Balanced |
| 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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