Correlation Between Manulife All and Fidelity Tactical
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By analyzing existing cross correlation between Manulife All Cap and Fidelity Tactical High, you can compare the effects of market volatilities on Manulife All and Fidelity Tactical 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 Tactical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife All and Fidelity Tactical.
Diversification Opportunities for Manulife All and Fidelity Tactical
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Manulife and Fidelity is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Manulife All Cap and Fidelity Tactical High in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fidelity Tactical High 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 Tactical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fidelity Tactical High has no effect on the direction of Manulife All i.e., Manulife All and Fidelity Tactical go up and down completely randomly.
Pair Corralation between Manulife All and Fidelity Tactical
Assuming the 90 days trading horizon Manulife All is expected to generate 1.35 times less return on investment than Fidelity Tactical. In addition to that, Manulife All is 1.14 times more volatile than Fidelity Tactical High. It trades about 0.2 of its total potential returns per unit of risk. Fidelity Tactical High is currently generating about 0.31 per unit of volatility. If you would invest 1,076 in Fidelity Tactical High on September 13, 2024 and sell it today you would earn a total of 33.00 from holding Fidelity Tactical High or generate 3.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Manulife All Cap vs. Fidelity Tactical High
Performance |
| Timeline |
| Manulife All Cap |
| Fidelity Tactical High |
Manulife All and Fidelity Tactical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife All and Fidelity Tactical
The main advantage of trading using opposite Manulife All and Fidelity Tactical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife All position performs unexpectedly, Fidelity Tactical 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 Tactical will offset losses from the drop in Fidelity Tactical'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 Tactical vs. TD Comfort Aggressive | Fidelity Tactical vs. Canadian High Income | Fidelity Tactical vs. Fidelity ClearPath 2045 | Fidelity Tactical vs. Bloom Select 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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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