Correlation Between Manulife Dividend and PHN Multi
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By analyzing existing cross correlation between Manulife Dividend Income and PHN Multi Style All Cap, you can compare the effects of market volatilities on Manulife Dividend and PHN Multi 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 PHN Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Dividend and PHN Multi.
Diversification Opportunities for Manulife Dividend and PHN Multi
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Manulife and PHN is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Dividend Income and PHN Multi Style All Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHN Multi Style 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 PHN Multi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHN Multi Style has no effect on the direction of Manulife Dividend i.e., Manulife Dividend and PHN Multi go up and down completely randomly.
Pair Corralation between Manulife Dividend and PHN Multi
Assuming the 90 days trading horizon Manulife Dividend is expected to generate 1.53 times less return on investment than PHN Multi. But when comparing it to its historical volatility, Manulife Dividend Income is 1.6 times less risky than PHN Multi. It trades about 0.06 of its potential returns per unit of risk. PHN Multi Style All Cap is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 2,638 in PHN Multi Style All Cap on October 25, 2024 and sell it today you would earn a total of 22.00 from holding PHN Multi Style All Cap or generate 0.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 94.74% |
| Values | Daily Returns |
Manulife Dividend Income vs. PHN Multi Style All Cap
Performance |
| Timeline |
| Manulife Dividend Income |
| PHN Multi Style |
Manulife Dividend and PHN Multi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Dividend and PHN Multi
The main advantage of trading using opposite Manulife Dividend and PHN Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife Dividend position performs unexpectedly, PHN Multi 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 PHN Multi will offset losses from the drop in PHN Multi'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 |
| PHN Multi vs. CI Global Alpha | PHN Multi vs. Dynamic Global Fixed | PHN Multi vs. CI Global Unconstrained | PHN Multi vs. Manulife Global Equity |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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