Correlation Between John Hancock and Aggressive Growth
Can any of the company-specific risk be diversified away by investing in both John Hancock and Aggressive 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 Aggressive 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 Aggressive Growth Fund, you can compare the effects of market volatilities on John Hancock and Aggressive 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 Aggressive Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Aggressive Growth.
Diversification Opportunities for John Hancock and Aggressive Growth
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and Aggressive is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Money and Aggressive Growth Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aggressive 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 Aggressive Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aggressive Growth has no effect on the direction of John Hancock i.e., John Hancock and Aggressive Growth go up and down completely randomly.
Pair Corralation between John Hancock and Aggressive Growth
If you would invest 3,937 in Aggressive Growth Fund on September 3, 2024 and sell it today you would earn a total of 3,244 from holding Aggressive Growth Fund or generate 82.4% 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. Aggressive Growth Fund
Performance |
| Timeline |
| John Hancock Money |
| Aggressive Growth |
John Hancock and Aggressive Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Aggressive Growth
The main advantage of trading using opposite John Hancock and Aggressive Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Aggressive 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 Aggressive Growth will offset losses from the drop in Aggressive Growth's long position.| John Hancock vs. T Rowe Price | John Hancock vs. Ultra Short Fixed Income | John Hancock vs. Maryland Tax Free Bond | John Hancock vs. Blrc Sgy Mnp |
| Aggressive Growth vs. Rbb Fund | Aggressive Growth vs. Rational Strategic Allocation | Aggressive Growth vs. Touchstone Large Cap | Aggressive Growth vs. William Blair Large |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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