Correlation Between TD Comfort and Manulife Dividend
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By analyzing existing cross correlation between TD Comfort Balanced and Manulife Dividend Income, you can compare the effects of market volatilities on TD Comfort and Manulife Dividend 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 TD Comfort with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of TD Comfort and Manulife Dividend.
Diversification Opportunities for TD Comfort and Manulife Dividend
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between 0P0001FAU8 and Manulife is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding TD Comfort Balanced and Manulife Dividend Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife Dividend Income and TD Comfort 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 TD Comfort Balanced are associated (or correlated) with Manulife Dividend. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife Dividend Income has no effect on the direction of TD Comfort i.e., TD Comfort and Manulife Dividend go up and down completely randomly.
Pair Corralation between TD Comfort and Manulife Dividend
Assuming the 90 days trading horizon TD Comfort is expected to generate 1.83 times less return on investment than Manulife Dividend. But when comparing it to its historical volatility, TD Comfort Balanced is 2.14 times less risky than Manulife Dividend. It trades about 0.12 of its potential returns per unit of risk. Manulife Dividend Income is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 1,016 in Manulife Dividend Income on September 14, 2024 and sell it today you would earn a total of 215.00 from holding Manulife Dividend Income or generate 21.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
TD Comfort Balanced vs. Manulife Dividend Income
Performance |
| Timeline |
| TD Comfort Balanced |
| Manulife Dividend Income |
TD Comfort and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TD Comfort and Manulife Dividend
The main advantage of trading using opposite TD Comfort and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TD Comfort position performs unexpectedly, Manulife Dividend 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 Dividend will offset losses from the drop in Manulife Dividend's long position.| TD Comfort vs. Bloom Select Income | TD Comfort vs. Global Healthcare Income | TD Comfort vs. CI Global Alpha | TD Comfort vs. CI Global Alpha |
| Manulife Dividend vs. Manulife All Cap | Manulife Dividend vs. Manulife Global Equity | Manulife Dividend vs. Manulife Dividend Income | Manulife Dividend vs. Fidelity Tactical High |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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