Correlation Between Jhancock Diversified and Bruce Fund
Can any of the company-specific risk be diversified away by investing in both Jhancock Diversified and Bruce Fund 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 Jhancock Diversified and Bruce Fund into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jhancock Diversified Macro and Bruce Fund Bruce, you can compare the effects of market volatilities on Jhancock Diversified and Bruce Fund 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 Jhancock Diversified with a short position of Bruce Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jhancock Diversified and Bruce Fund.
Diversification Opportunities for Jhancock Diversified and Bruce Fund
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jhancock and Bruce is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Jhancock Diversified Macro and Bruce Fund Bruce in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bruce Fund Bruce and Jhancock Diversified 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 Jhancock Diversified Macro are associated (or correlated) with Bruce Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bruce Fund Bruce has no effect on the direction of Jhancock Diversified i.e., Jhancock Diversified and Bruce Fund go up and down completely randomly.
Pair Corralation between Jhancock Diversified and Bruce Fund
Assuming the 90 days horizon Jhancock Diversified Macro is expected to generate 0.79 times more return on investment than Bruce Fund. However, Jhancock Diversified Macro is 1.26 times less risky than Bruce Fund. It trades about 0.37 of its potential returns per unit of risk. Bruce Fund Bruce is currently generating about 0.0 per unit of risk. If you would invest 902.00 in Jhancock Diversified Macro on October 23, 2024 and sell it today you would earn a total of 28.00 from holding Jhancock Diversified Macro or generate 3.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 94.74% |
| Values | Daily Returns |
Jhancock Diversified Macro vs. Bruce Fund Bruce
Performance |
| Timeline |
| Jhancock Diversified |
| Bruce Fund Bruce |
Jhancock Diversified and Bruce Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jhancock Diversified and Bruce Fund
The main advantage of trading using opposite Jhancock Diversified and Bruce Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jhancock Diversified position performs unexpectedly, Bruce Fund 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 Bruce Fund will offset losses from the drop in Bruce Fund's long position.| Jhancock Diversified vs. Calamos Dynamic Convertible | Jhancock Diversified vs. Rationalpier 88 Convertible | Jhancock Diversified vs. Virtus Convertible | Jhancock Diversified vs. Gabelli Convertible And |
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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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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