Correlation Between IA Clarington and Manulife Dividend
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By analyzing existing cross correlation between IA Clarington Strategic and Manulife Dividend Income, you can compare the effects of market volatilities on IA Clarington 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 IA Clarington with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of IA Clarington and Manulife Dividend.
Diversification Opportunities for IA Clarington and Manulife Dividend
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ISCB and Manulife is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding IA Clarington Strategic 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 IA Clarington 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 IA Clarington Strategic 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 IA Clarington i.e., IA Clarington and Manulife Dividend go up and down completely randomly.
Pair Corralation between IA Clarington and Manulife Dividend
Assuming the 90 days trading horizon IA Clarington Strategic is expected to generate 0.12 times more return on investment than Manulife Dividend. However, IA Clarington Strategic is 8.42 times less risky than Manulife Dividend. It trades about 0.15 of its potential returns per unit of risk. Manulife Dividend Income is currently generating about -0.03 per unit of risk. If you would invest 1,054 in IA Clarington Strategic on November 2, 2024 and sell it today you would earn a total of 22.00 from holding IA Clarington Strategic or generate 2.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.09% |
| Values | Daily Returns |
IA Clarington Strategic vs. Manulife Dividend Income
Performance |
| Timeline |
| IA Clarington Strategic |
| Manulife Dividend Income |
IA Clarington and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IA Clarington and Manulife Dividend
The main advantage of trading using opposite IA Clarington and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IA Clarington 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.| IA Clarington vs. RBC Select Balanced | IA Clarington vs. PIMCO Monthly Income | IA Clarington vs. RBC Portefeuille de | IA Clarington vs. Edgepoint Global Portfolio |
| Manulife Dividend vs. TD Index Fund | Manulife Dividend vs. CI Global Unconstrained | Manulife Dividend vs. RBC Canadian Equity | Manulife Dividend vs. CI Global Alpha |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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