Correlation Between Bloom Select and Manulife All
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By analyzing existing cross correlation between Bloom Select Income and Manulife All Cap, you can compare the effects of market volatilities on Bloom Select and Manulife All 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 Bloom Select with a short position of Manulife All. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloom Select and Manulife All.
Diversification Opportunities for Bloom Select and Manulife All
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between Bloom and Manulife is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding Bloom Select Income and Manulife All Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife All Cap and Bloom Select 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 Bloom Select Income are associated (or correlated) with Manulife All. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife All Cap has no effect on the direction of Bloom Select i.e., Bloom Select and Manulife All go up and down completely randomly.
Pair Corralation between Bloom Select and Manulife All
Assuming the 90 days trading horizon Bloom Select is expected to generate 4.31 times less return on investment than Manulife All. But when comparing it to its historical volatility, Bloom Select Income is 1.07 times less risky than Manulife All. It trades about 0.04 of its potential returns per unit of risk. Manulife All Cap is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 4,147 in Manulife All Cap on September 14, 2024 and sell it today you would earn a total of 1,689 from holding Manulife All Cap or generate 40.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 55.46% |
| Values | Daily Returns |
Bloom Select Income vs. Manulife All Cap
Performance |
| Timeline |
| Bloom Select Income |
| Manulife All Cap |
Bloom Select and Manulife All Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloom Select and Manulife All
The main advantage of trading using opposite Bloom Select and Manulife All positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloom Select position performs unexpectedly, Manulife All 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 All will offset losses from the drop in Manulife All's long position.| Bloom Select vs. RBC Select Balanced | Bloom Select vs. RBC Portefeuille de | Bloom Select vs. Edgepoint Global Portfolio | Bloom Select vs. TD Comfort Balanced |
| Manulife All vs. RBC Select Balanced | Manulife All vs. RBC Portefeuille de | Manulife All vs. Edgepoint Global Portfolio | Manulife All vs. TD Comfort Balanced |
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 Directory module to find actively traded commodities issued by global exchanges.
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