Correlation Between Altagas Cum and Manulife Dividend
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By analyzing existing cross correlation between Altagas Cum Red and Manulife Dividend Income, you can compare the effects of market volatilities on Altagas Cum 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 Altagas Cum with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Altagas Cum and Manulife Dividend.
Diversification Opportunities for Altagas Cum and Manulife Dividend
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Altagas and Manulife is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Altagas Cum Red 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 Altagas Cum 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 Altagas Cum Red 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 Altagas Cum i.e., Altagas Cum and Manulife Dividend go up and down completely randomly.
Pair Corralation between Altagas Cum and Manulife Dividend
Assuming the 90 days trading horizon Altagas Cum Red is expected to generate 1.92 times more return on investment than Manulife Dividend. However, Altagas Cum is 1.92 times more volatile than Manulife Dividend Income. It trades about 0.11 of its potential returns per unit of risk. Manulife Dividend Income is currently generating about 0.11 per unit of risk. If you would invest 1,475 in Altagas Cum Red on September 15, 2024 and sell it today you would earn a total of 525.00 from holding Altagas Cum Red or generate 35.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.63% |
| Values | Daily Returns |
Altagas Cum Red vs. Manulife Dividend Income
Performance |
| Timeline |
| Altagas Cum Red |
| Manulife Dividend Income |
Altagas Cum and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Altagas Cum and Manulife Dividend
The main advantage of trading using opposite Altagas Cum and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Altagas Cum 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.| Altagas Cum vs. Westshore Terminals Investment | Altagas Cum vs. Eddy Smart Home | Altagas Cum vs. MTY Food Group | Altagas Cum vs. Quipt Home Medical |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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