Correlation Between Manulife Dividend and Bloom Select
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By analyzing existing cross correlation between Manulife Dividend Income and Bloom Select Income, you can compare the effects of market volatilities on Manulife Dividend 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 Dividend with a short position of Bloom Select. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Dividend and Bloom Select.
Diversification Opportunities for Manulife Dividend and Bloom Select
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Manulife and Bloom is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Dividend Income 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 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 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 Dividend i.e., Manulife Dividend and Bloom Select go up and down completely randomly.
Pair Corralation between Manulife Dividend and Bloom Select
Assuming the 90 days trading horizon Manulife Dividend Income is expected to generate 0.34 times more return on investment than Bloom Select. However, Manulife Dividend Income is 2.97 times less risky than Bloom Select. It trades about 0.12 of its potential returns per unit of risk. Bloom Select Income is currently generating about -0.03 per unit of risk. If you would invest 1,655 in Manulife Dividend Income on September 13, 2024 and sell it today you would earn a total of 43.00 from holding Manulife Dividend Income or generate 2.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.56% |
| Values | Daily Returns |
Manulife Dividend Income vs. Bloom Select Income
Performance |
| Timeline |
| Manulife Dividend Income |
| Bloom Select Income |
Manulife Dividend and Bloom Select Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Dividend and Bloom Select
The main advantage of trading using opposite Manulife Dividend and Bloom Select positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife Dividend 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 Dividend vs. Manulife All Cap | Manulife Dividend vs. Manulife Global Equity | Manulife Dividend vs. Manulife Dividend Income | Manulife Dividend 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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