Correlation Between BMO Concentrated and Manulife Global
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By analyzing existing cross correlation between BMO Concentrated Global and Manulife Global Equity, you can compare the effects of market volatilities on BMO Concentrated and Manulife Global 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 BMO Concentrated with a short position of Manulife Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of BMO Concentrated and Manulife Global.
Diversification Opportunities for BMO Concentrated and Manulife Global
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between BMO and Manulife is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding BMO Concentrated Global and Manulife Global Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife Global Equity and BMO Concentrated 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 BMO Concentrated Global are associated (or correlated) with Manulife Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife Global Equity has no effect on the direction of BMO Concentrated i.e., BMO Concentrated and Manulife Global go up and down completely randomly.
Pair Corralation between BMO Concentrated and Manulife Global
Assuming the 90 days trading horizon BMO Concentrated Global is expected to generate 0.91 times more return on investment than Manulife Global. However, BMO Concentrated Global is 1.1 times less risky than Manulife Global. It trades about 0.09 of its potential returns per unit of risk. Manulife Global Equity is currently generating about 0.08 per unit of risk. If you would invest 1,830 in BMO Concentrated Global on August 30, 2024 and sell it today you would earn a total of 21.00 from holding BMO Concentrated Global or generate 1.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BMO Concentrated Global vs. Manulife Global Equity
Performance |
| Timeline |
| BMO Concentrated Global |
| Manulife Global Equity |
BMO Concentrated and Manulife Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BMO Concentrated and Manulife Global
The main advantage of trading using opposite BMO Concentrated and Manulife Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BMO Concentrated position performs unexpectedly, Manulife Global 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 Manulife Global will offset losses from the drop in Manulife Global's long position.| BMO Concentrated vs. Fidelity Tactical High | BMO Concentrated vs. Fidelity ClearPath 2045 | BMO Concentrated vs. Bloom Select Income | BMO Concentrated vs. Global Healthcare Income |
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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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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