Correlation Between Fidelity Tactical and Manulife Dividend
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By analyzing existing cross correlation between Fidelity Tactical High and Manulife Dividend Income, you can compare the effects of market volatilities on Fidelity Tactical 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 Fidelity Tactical with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Tactical and Manulife Dividend.
Diversification Opportunities for Fidelity Tactical and Manulife Dividend
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Fidelity and Manulife is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Tactical High 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 Fidelity Tactical 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 Fidelity Tactical High 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 Fidelity Tactical i.e., Fidelity Tactical and Manulife Dividend go up and down completely randomly.
Pair Corralation between Fidelity Tactical and Manulife Dividend
Assuming the 90 days trading horizon Fidelity Tactical is expected to generate 1.72 times less return on investment than Manulife Dividend. But when comparing it to its historical volatility, Fidelity Tactical High is 1.03 times less risky than Manulife Dividend. It trades about 0.14 of its potential returns per unit of risk. Manulife Dividend Income is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 1,035 in Manulife Dividend Income on September 13, 2024 and sell it today you would earn a total of 196.00 from holding Manulife Dividend Income or generate 18.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.19% |
| Values | Daily Returns |
Fidelity Tactical High vs. Manulife Dividend Income
Performance |
| Timeline |
| Fidelity Tactical High |
| Manulife Dividend Income |
Fidelity Tactical and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Tactical and Manulife Dividend
The main advantage of trading using opposite Fidelity Tactical and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Tactical 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.| Fidelity Tactical vs. TD Comfort Aggressive | Fidelity Tactical vs. Canadian High Income | Fidelity Tactical vs. Fidelity ClearPath 2045 | Fidelity Tactical vs. Bloom Select Income |
| Manulife Dividend vs. RBC Select Balanced | Manulife Dividend vs. RBC Portefeuille de | Manulife Dividend vs. Edgepoint Global Portfolio | Manulife Dividend 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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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