Correlation Between John Hancock and Stringer Growth
Can any of the company-specific risk be diversified away by investing in both John Hancock and Stringer Growth 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 Stringer Growth 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 Stringer Growth Fund, you can compare the effects of market volatilities on John Hancock and Stringer Growth 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 Stringer Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Stringer Growth.
Diversification Opportunities for John Hancock and Stringer Growth
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and Stringer is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Money and Stringer Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Stringer Growth 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 Stringer Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Stringer Growth has no effect on the direction of John Hancock i.e., John Hancock and Stringer Growth go up and down completely randomly.
Pair Corralation between John Hancock and Stringer Growth
If you would invest 100.00 in John Hancock Money on November 6, 2024 and sell it today you would earn a total of 0.00 from holding John Hancock Money or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 89.83% |
| Values | Daily Returns |
John Hancock Money vs. Stringer Growth Fund
Performance |
| Timeline |
| John Hancock Money |
| Stringer Growth |
John Hancock and Stringer Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Stringer Growth
The main advantage of trading using opposite John Hancock and Stringer Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Stringer Growth 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 Stringer Growth will offset losses from the drop in Stringer Growth's long position.| John Hancock vs. Growth Portfolio Class | John Hancock vs. Pnc Balanced Allocation | John Hancock vs. Qs Global Equity | John Hancock vs. Rational Strategic Allocation |
| Stringer Growth vs. Tiaa Cref Inflation Linked Bond | Stringer Growth vs. Ab Bond Inflation | Stringer Growth vs. Credit Suisse Multialternative | Stringer Growth vs. Ab Bond Inflation |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Global Correlations Find global opportunities by holding instruments from different markets |