Correlation Between Manulife Dividend and Fidelity ClearPath
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By analyzing existing cross correlation between Manulife Dividend Income and Fidelity ClearPath 2045, you can compare the effects of market volatilities on Manulife Dividend 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 Dividend with a short position of Fidelity ClearPath. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Dividend and Fidelity ClearPath.
Diversification Opportunities for Manulife Dividend and Fidelity ClearPath
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Manulife and Fidelity is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Dividend Income 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 Dividend 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 Dividend Income 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 Dividend i.e., Manulife Dividend and Fidelity ClearPath go up and down completely randomly.
Pair Corralation between Manulife Dividend and Fidelity ClearPath
Assuming the 90 days trading horizon Manulife Dividend is expected to generate 2.35 times less return on investment than Fidelity ClearPath. But when comparing it to its historical volatility, Manulife Dividend Income is 1.05 times less risky than Fidelity ClearPath. It trades about 0.14 of its potential returns per unit of risk. Fidelity ClearPath 2045 is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest 2,769 in Fidelity ClearPath 2045 on September 13, 2024 and sell it today you would earn a total of 74.00 from holding Fidelity ClearPath 2045 or generate 2.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.45% |
| Values | Daily Returns |
Manulife Dividend Income vs. Fidelity ClearPath 2045
Performance |
| Timeline |
| Manulife Dividend Income |
| Fidelity ClearPath 2045 |
Manulife Dividend and Fidelity ClearPath Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Dividend and Fidelity ClearPath
The main advantage of trading using opposite Manulife Dividend and Fidelity ClearPath positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife Dividend 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 Dividend vs. Manulife All Cap | Manulife Dividend vs. Manulife Global Equity | Manulife Dividend vs. Manulife Dividend Income | Manulife Dividend vs. Fidelity Tactical High |
| Fidelity ClearPath vs. Fidelity Small Cap | Fidelity ClearPath vs. Fidelity Canadian Growth | Fidelity ClearPath vs. Fidelity Global Innovators | Fidelity ClearPath vs. Fidelity Canadian Growth |
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.
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