Correlation Between Global Healthcare and Manulife Global
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By analyzing existing cross correlation between Global Healthcare Income and Manulife Global Equity, you can compare the effects of market volatilities on Global Healthcare 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 Global Healthcare with a short position of Manulife Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Healthcare and Manulife Global.
Diversification Opportunities for Global Healthcare and Manulife Global
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Global and Manulife is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Global Healthcare 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 Global Healthcare 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 Global Healthcare 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 Global Healthcare i.e., Global Healthcare and Manulife Global go up and down completely randomly.
Pair Corralation between Global Healthcare and Manulife Global
Assuming the 90 days trading horizon Global Healthcare Income is expected to under-perform the Manulife Global. In addition to that, Global Healthcare is 1.34 times more volatile than Manulife Global Equity. It trades about -0.12 of its total potential returns per unit of risk. Manulife Global Equity is currently generating about -0.02 per unit of volatility. If you would invest 5,200 in Manulife Global Equity on August 26, 2024 and sell it today you would lose (17.00) from holding Manulife Global Equity or give up 0.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Global Healthcare Income vs. Manulife Global Equity
Performance |
| Timeline |
| Global Healthcare Income |
| Manulife Global Equity |
Global Healthcare and Manulife Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global Healthcare and Manulife Global
The main advantage of trading using opposite Global Healthcare and Manulife Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Healthcare 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.| Global Healthcare vs. Tech Leaders Income | Global Healthcare vs. BetaPro SPTSX 60 | Global Healthcare vs. Brompton Global Dividend | Global Healthcare vs. Global X Active |
| Manulife Global vs. RBC Select Balanced | Manulife Global vs. RBC Portefeuille de | Manulife Global vs. TD Comfort Balanced | Manulife Global vs. RBC Global Equity |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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