Correlation Between Icon Financial and John Hancock
Can any of the company-specific risk be diversified away by investing in both Icon Financial 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 Icon Financial and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Icon Financial Fund and John Hancock Global, you can compare the effects of market volatilities on Icon Financial 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 Icon Financial with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Icon Financial and John Hancock.
Diversification Opportunities for Icon Financial and John Hancock
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Icon and John is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Icon Financial Fund and John Hancock Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Global and Icon Financial 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 Icon Financial Fund 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 Global has no effect on the direction of Icon Financial i.e., Icon Financial and John Hancock go up and down completely randomly.
Pair Corralation between Icon Financial and John Hancock
If you would invest 950.00 in Icon Financial Fund on November 3, 2024 and sell it today you would earn a total of 24.00 from holding Icon Financial Fund or generate 2.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Icon Financial Fund vs. John Hancock Global
Performance |
| Timeline |
| Icon Financial |
| John Hancock Global |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Icon Financial and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Icon Financial and John Hancock
The main advantage of trading using opposite Icon Financial and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Icon Financial 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.| Icon Financial vs. Tax Managed Mid Small | Icon Financial vs. Touchstone Small Cap | Icon Financial vs. Needham Small Cap | Icon Financial vs. Sp Smallcap 600 |
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 CEOs Directory module to screen CEOs from public companies around the world.
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