Correlation Between Blackstone Gso and John Hancock
Can any of the company-specific risk be diversified away by investing in both Blackstone Gso and John Hancock at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Blackstone Gso and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blackstone Gso Senior and John Hancock Preferred, you can compare the effects of market volatilities on Blackstone Gso and John Hancock 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 Blackstone Gso with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blackstone Gso and John Hancock.
Diversification Opportunities for Blackstone Gso and John Hancock
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Blackstone and John is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Blackstone Gso Senior and John Hancock Preferred in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Preferred and Blackstone Gso 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 Blackstone Gso Senior are associated (or correlated) with John Hancock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of John Hancock Preferred has no effect on the direction of Blackstone Gso i.e., Blackstone Gso and John Hancock go up and down completely randomly.
Pair Corralation between Blackstone Gso and John Hancock
Considering the 90-day investment horizon Blackstone Gso Senior is expected to generate 0.93 times more return on investment than John Hancock. However, Blackstone Gso Senior is 1.08 times less risky than John Hancock. It trades about 0.31 of its potential returns per unit of risk. John Hancock Preferred is currently generating about -0.12 per unit of risk. If you would invest 1,398 in Blackstone Gso Senior on August 30, 2024 and sell it today you would earn a total of 63.00 from holding Blackstone Gso Senior or generate 4.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blackstone Gso Senior vs. John Hancock Preferred
Performance |
| Timeline |
| Blackstone Gso Senior |
| John Hancock Preferred |
Blackstone Gso and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blackstone Gso and John Hancock
The main advantage of trading using opposite Blackstone Gso and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blackstone Gso position performs unexpectedly, John Hancock 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 John Hancock will offset losses from the drop in John Hancock's long position.| Blackstone Gso vs. Vanguard Total Stock | Blackstone Gso vs. Vanguard 500 Index | Blackstone Gso vs. Vanguard Total Stock | Blackstone Gso vs. Vanguard Total Stock |
| John Hancock vs. John Hancock Preferred | John Hancock vs. John Hancock Preferred | John Hancock vs. John Hancock Premium | John Hancock vs. John Hancock Tax |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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