Correlation Between John Hancock and Global Gold
Can any of the company-specific risk be diversified away by investing in both John Hancock and Global Gold 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 John Hancock and Global Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between John Hancock Money and Global Gold Fund, you can compare the effects of market volatilities on John Hancock and Global Gold 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 John Hancock with a short position of Global Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Global Gold.
Diversification Opportunities for John Hancock and Global Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and Global is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Money and Global Gold Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Gold Fund and John Hancock 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 John Hancock Money are associated (or correlated) with Global Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Gold Fund has no effect on the direction of John Hancock i.e., John Hancock and Global Gold go up and down completely randomly.
Pair Corralation between John Hancock and Global Gold
If you would invest 951.00 in Global Gold Fund on November 3, 2024 and sell it today you would earn a total of 453.00 from holding Global Gold Fund or generate 47.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.18% |
| Values | Daily Returns |
John Hancock Money vs. Global Gold Fund
Performance |
| Timeline |
| John Hancock Money |
| Global Gold Fund |
John Hancock and Global Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Global Gold
The main advantage of trading using opposite John Hancock and Global Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Global Gold 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 Global Gold will offset losses from the drop in Global Gold's long position.| John Hancock vs. Dimensional Retirement Income | John Hancock vs. American Funds Retirement | John Hancock vs. College Retirement Equities | John Hancock vs. Tiaa Cref Lifestyle Moderate |
| Global Gold vs. Ms Global Fixed | Global Gold vs. Massmutual Premier High | Global Gold vs. Baird Quality Intermediate | Global Gold vs. Mirova Global Green |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |