Correlation Between John Hancock and Mfs Global
Can any of the company-specific risk be diversified away by investing in both John Hancock and Mfs Global 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 Mfs Global 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 Mfs Global Alternative, you can compare the effects of market volatilities on John Hancock and Mfs 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 John Hancock with a short position of Mfs Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Mfs Global.
Diversification Opportunities for John Hancock and Mfs Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and Mfs is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Money and Mfs Global Alternative in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mfs Global Alternative 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 Mfs Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mfs Global Alternative has no effect on the direction of John Hancock i.e., John Hancock and Mfs Global go up and down completely randomly.
Pair Corralation between John Hancock and Mfs Global
If you would invest 1,112 in Mfs Global Alternative on November 27, 2024 and sell it today you would earn a total of 210.00 from holding Mfs Global Alternative or generate 18.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 14.44% |
| Values | Daily Returns |
John Hancock Money vs. Mfs Global Alternative
Performance |
| Timeline |
| John Hancock Money |
| Mfs Global Alternative |
John Hancock and Mfs Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Mfs Global
The main advantage of trading using opposite John Hancock and Mfs Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Mfs 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 Mfs Global will offset losses from the drop in Mfs Global's long position.| John Hancock vs. Franklin Small Cap | John Hancock vs. Old Westbury Small | John Hancock vs. Vulcan Value Partners | John Hancock vs. Legg Mason Partners |
| Mfs Global vs. Wmcanx | Mfs Global vs. Fznopx | Mfs Global vs. Rational Dividend Capture | Mfs Global vs. Flakqx |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |