Correlation Between Manulife All and Bloom Select
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By analyzing existing cross correlation between Manulife All Cap and Bloom Select Income, you can compare the effects of market volatilities on Manulife All and Bloom Select 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 Bloom Select. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife All and Bloom Select.
Diversification Opportunities for Manulife All and Bloom Select
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Manulife and Bloom is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Manulife All Cap and Bloom Select Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bloom Select 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 Bloom Select. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bloom Select Income has no effect on the direction of Manulife All i.e., Manulife All and Bloom Select go up and down completely randomly.
Pair Corralation between Manulife All and Bloom Select
Assuming the 90 days trading horizon Manulife All Cap is expected to under-perform the Bloom Select. In addition to that, Manulife All is 1.23 times more volatile than Bloom Select Income. It trades about -0.03 of its total potential returns per unit of risk. Bloom Select Income is currently generating about 0.16 per unit of volatility. If you would invest 776.00 in Bloom Select Income on October 20, 2024 and sell it today you would earn a total of 20.00 from holding Bloom Select Income or generate 2.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Manulife All Cap vs. Bloom Select Income
Performance |
| Timeline |
| Manulife All Cap |
| Bloom Select Income |
Manulife All and Bloom Select Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife All and Bloom Select
The main advantage of trading using opposite Manulife All and Bloom Select positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife All position performs unexpectedly, Bloom Select 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 Bloom Select will offset losses from the drop in Bloom Select's long position.| Manulife All vs. Manulife Global Equity | Manulife All vs. Manulife Dividend Income | Manulife All vs. Manulife Dividend Income | Manulife All vs. Fidelity Tactical High |
| Bloom Select vs. Canadian High Income | Bloom Select vs. Blue Ribbon Income | Bloom Select vs. Energy Income | Bloom Select vs. Australian REIT Income |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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