Correlation Between Fidelity Tactical and Manulife Global
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By analyzing existing cross correlation between Fidelity Tactical High and Manulife Global Equity, you can compare the effects of market volatilities on Fidelity Tactical 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 Fidelity Tactical with a short position of Manulife Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fidelity Tactical and Manulife Global.
Diversification Opportunities for Fidelity Tactical and Manulife Global
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Fidelity and Manulife is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Fidelity Tactical High 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 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 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 Fidelity Tactical i.e., Fidelity Tactical and Manulife Global go up and down completely randomly.
Pair Corralation between Fidelity Tactical and Manulife Global
Assuming the 90 days trading horizon Fidelity Tactical High is expected to generate 1.4 times more return on investment than Manulife Global. However, Fidelity Tactical is 1.4 times more volatile than Manulife Global Equity. It trades about -0.13 of its potential returns per unit of risk. Manulife Global Equity is currently generating about -0.25 per unit of risk. If you would invest 1,105 in Fidelity Tactical High on November 28, 2024 and sell it today you would lose (22.00) from holding Fidelity Tactical High or give up 1.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fidelity Tactical High vs. Manulife Global Equity
Performance |
| Timeline |
| Fidelity Tactical High |
| Manulife Global Equity |
Fidelity Tactical and Manulife Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fidelity Tactical and Manulife Global
The main advantage of trading using opposite Fidelity Tactical and Manulife Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fidelity Tactical 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.| Fidelity Tactical vs. Bloom Select Income | Fidelity Tactical vs. Global Healthcare Income | Fidelity Tactical vs. Dynamic Alternative Yield | Fidelity Tactical vs. CI Global Alpha |
| Manulife Global vs. Fidelity Tactical High | Manulife Global vs. Bloom Select Income | Manulife Global vs. Global Healthcare Income | Manulife Global vs. Dynamic Alternative Yield |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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