Correlation Between John Hancock and Voya Bond
Can any of the company-specific risk be diversified away by investing in both John Hancock and Voya Bond 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 Voya Bond 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 Voya Bond Index, you can compare the effects of market volatilities on John Hancock and Voya Bond 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 Voya Bond. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Voya Bond.
Diversification Opportunities for John Hancock and Voya Bond
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and Voya is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Money and Voya Bond Index in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voya Bond Index 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 Voya Bond. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voya Bond Index has no effect on the direction of John Hancock i.e., John Hancock and Voya Bond go up and down completely randomly.
Pair Corralation between John Hancock and Voya Bond
If you would invest 845.00 in Voya Bond Index on September 12, 2024 and sell it today you would earn a total of 64.00 from holding Voya Bond Index or generate 7.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
John Hancock Money vs. Voya Bond Index
Performance |
| Timeline |
| John Hancock Money |
| Voya Bond Index |
John Hancock and Voya Bond Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Voya Bond
The main advantage of trading using opposite John Hancock and Voya Bond positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Voya Bond 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 Voya Bond will offset losses from the drop in Voya Bond's long position.| John Hancock vs. Transamerica Financial Life | John Hancock vs. Vanguard Financials Index | John Hancock vs. Blackrock Financial Institutions | John Hancock vs. Goldman Sachs Financial |
| Voya Bond vs. SCOR PK | Voya Bond vs. Morningstar Unconstrained Allocation | Voya Bond vs. Via Renewables | Voya Bond vs. Bondbloxx ETF Trust |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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