Correlation Between Bloom Select and Manulife Global
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By analyzing existing cross correlation between Bloom Select Income and Manulife Global Equity, you can compare the effects of market volatilities on Bloom Select 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 Bloom Select with a short position of Manulife Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloom Select and Manulife Global.
Diversification Opportunities for Bloom Select and Manulife Global
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Bloom and Manulife is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Bloom Select Income 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 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 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 Bloom Select i.e., Bloom Select and Manulife Global go up and down completely randomly.
Pair Corralation between Bloom Select and Manulife Global
Assuming the 90 days trading horizon Bloom Select Income is expected to generate 1.81 times more return on investment than Manulife Global. However, Bloom Select is 1.81 times more volatile than Manulife Global Equity. It trades about 0.06 of its potential returns per unit of risk. Manulife Global Equity is currently generating about 0.07 per unit of risk. If you would invest 725.00 in Bloom Select Income on September 3, 2024 and sell it today you would earn a total of 72.00 from holding Bloom Select Income or generate 9.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 96.36% |
| Values | Daily Returns |
Bloom Select Income vs. Manulife Global Equity
Performance |
| Timeline |
| Bloom Select Income |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
| Manulife Global Equity |
Bloom Select and Manulife Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bloom Select and Manulife Global
The main advantage of trading using opposite Bloom Select and Manulife Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloom Select 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.| Bloom Select vs. Canadian High Income | Bloom Select vs. Blue Ribbon Income | Bloom Select vs. Energy Income | Bloom Select vs. Australian REIT 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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