Correlation Between John Hancock and Federated Kaufmann
Can any of the company-specific risk be diversified away by investing in both John Hancock and Federated Kaufmann 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 Federated Kaufmann 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 Federated Kaufmann Small, you can compare the effects of market volatilities on John Hancock and Federated Kaufmann 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 Federated Kaufmann. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Federated Kaufmann.
Diversification Opportunities for John Hancock and Federated Kaufmann
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and Federated is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Money and Federated Kaufmann Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Federated Kaufmann Small 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 Federated Kaufmann. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Federated Kaufmann Small has no effect on the direction of John Hancock i.e., John Hancock and Federated Kaufmann go up and down completely randomly.
Pair Corralation between John Hancock and Federated Kaufmann
If you would invest 4,775 in Federated Kaufmann Small on October 24, 2024 and sell it today you would earn a total of 161.00 from holding Federated Kaufmann Small or generate 3.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
John Hancock Money vs. Federated Kaufmann Small
Performance |
| Timeline |
| John Hancock Money |
| Federated Kaufmann Small |
John Hancock and Federated Kaufmann Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Federated Kaufmann
The main advantage of trading using opposite John Hancock and Federated Kaufmann positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Federated Kaufmann 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 Federated Kaufmann will offset losses from the drop in Federated Kaufmann's long position.| John Hancock vs. Ridgeworth Seix Government | John Hancock vs. Schwab Government Money | John Hancock vs. Dws Government Money | John Hancock vs. Virtus Seix Government |
| Federated Kaufmann vs. Federated Hermes Mdt | Federated Kaufmann vs. Federated Mdt Large | Federated Kaufmann vs. Federated High Income | Federated Kaufmann vs. Federated Hermes Sdg |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |