Correlation Between John Hancock and Steward Funds
Can any of the company-specific risk be diversified away by investing in both John Hancock and Steward Funds 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 Steward Funds 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 Steward Funds , you can compare the effects of market volatilities on John Hancock and Steward Funds 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 Steward Funds. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Steward Funds.
Diversification Opportunities for John Hancock and Steward Funds
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and Steward is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Money and Steward Funds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Steward Funds 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 Steward Funds. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Steward Funds has no effect on the direction of John Hancock i.e., John Hancock and Steward Funds go up and down completely randomly.
Pair Corralation between John Hancock and Steward Funds
If you would invest 2,667 in Steward Funds on September 1, 2024 and sell it today you would earn a total of 534.00 from holding Steward Funds or generate 20.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.47% |
| Values | Daily Returns |
John Hancock Money vs. Steward Funds
Performance |
| Timeline |
| John Hancock Money |
| Steward Funds |
John Hancock and Steward Funds Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Steward Funds
The main advantage of trading using opposite John Hancock and Steward Funds positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Steward Funds 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 Steward Funds will offset losses from the drop in Steward Funds' long position.| John Hancock vs. Pioneer Diversified High | John Hancock vs. Blackrock Conservative Prprdptfinstttnl | John Hancock vs. Jhancock Diversified Macro | John Hancock vs. Pgim Conservative Retirement |
| Steward Funds vs. Steward Small Mid Cap | Steward Funds vs. Steward Small Mid Cap | Steward Funds vs. Steward Ered Call | Steward Funds vs. Steward Ered Call |
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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