Correlation Between Ashmore Emerging and John Hancock
Can any of the company-specific risk be diversified away by investing in both Ashmore Emerging 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 Ashmore Emerging and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ashmore Emerging Markets and John Hancock Money, you can compare the effects of market volatilities on Ashmore Emerging 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 Ashmore Emerging with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ashmore Emerging and John Hancock.
Diversification Opportunities for Ashmore Emerging and John Hancock
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ashmore and John is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Ashmore Emerging Markets and John Hancock Money in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Money and Ashmore Emerging 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 Ashmore Emerging Markets 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 Money has no effect on the direction of Ashmore Emerging i.e., Ashmore Emerging and John Hancock go up and down completely randomly.
Pair Corralation between Ashmore Emerging and John Hancock
If you would invest 778.00 in Ashmore Emerging Markets on September 2, 2024 and sell it today you would earn a total of 103.00 from holding Ashmore Emerging Markets or generate 13.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ashmore Emerging Markets vs. John Hancock Money
Performance |
| Timeline |
| Ashmore Emerging Markets |
| John Hancock Money |
Ashmore Emerging and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ashmore Emerging and John Hancock
The main advantage of trading using opposite Ashmore Emerging and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ashmore Emerging 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.| Ashmore Emerging vs. Qs Large Cap | Ashmore Emerging vs. M Large Cap | Ashmore Emerging vs. Fidelity Series 1000 | Ashmore Emerging vs. Qs Large Cap |
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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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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