Correlation Between John Hancock and Vela Large
Can any of the company-specific risk be diversified away by investing in both John Hancock and Vela Large 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 Vela Large 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 Vela Large Cap, you can compare the effects of market volatilities on John Hancock and Vela Large 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 Vela Large. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Vela Large.
Diversification Opportunities for John Hancock and Vela Large
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and VELA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Money and Vela Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vela Large Cap 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 Vela Large. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vela Large Cap has no effect on the direction of John Hancock i.e., John Hancock and Vela Large go up and down completely randomly.
Pair Corralation between John Hancock and Vela Large
If you would invest 1,387 in Vela Large Cap on September 3, 2024 and sell it today you would earn a total of 432.00 from holding Vela Large Cap or generate 31.15% 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. Vela Large Cap
Performance |
| Timeline |
| John Hancock Money |
| Vela Large Cap |
John Hancock and Vela Large Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Vela Large
The main advantage of trading using opposite John Hancock and Vela Large positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Vela Large 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 Vela Large will offset losses from the drop in Vela Large'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 |
| Vela Large vs. Matson Money Equity | Vela Large vs. Prudential Government Money | Vela Large vs. John Hancock Money | Vela Large vs. Schwab Treasury Money |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |