Correlation Between Multi-index 2045 and John Hancock
Can any of the company-specific risk be diversified away by investing in both Multi-index 2045 and John Hancock 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 Multi-index 2045 and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Multi Index 2045 Lifetime and John Hancock Income, you can compare the effects of market volatilities on Multi-index 2045 and John Hancock 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 Multi-index 2045 with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Multi-index 2045 and John Hancock.
Diversification Opportunities for Multi-index 2045 and John Hancock
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Multi-index and John is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Multi Index 2045 Lifetime and John Hancock Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Income and Multi-index 2045 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 Multi Index 2045 Lifetime are associated (or correlated) with John Hancock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of John Hancock Income has no effect on the direction of Multi-index 2045 i.e., Multi-index 2045 and John Hancock go up and down completely randomly.
Pair Corralation between Multi-index 2045 and John Hancock
If you would invest 535.00 in John Hancock Income on January 2, 2025 and sell it today you would earn a total of 50.00 from holding John Hancock Income or generate 9.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
Multi Index 2045 Lifetime vs. John Hancock Income
Performance |
| Timeline |
| Multi Index 2045 |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| John Hancock Income |
Multi-index 2045 and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Multi-index 2045 and John Hancock
The main advantage of trading using opposite Multi-index 2045 and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Multi-index 2045 position performs unexpectedly, John Hancock 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 John Hancock will offset losses from the drop in John Hancock's long position.| Multi-index 2045 vs. Global Equity Fund | ||
| Multi-index 2045 vs. Jhancock Global Equity | ||
| Multi-index 2045 vs. Jhancock Global Equity | ||
| Multi-index 2045 vs. Jhancock Global Equity |
| John Hancock vs. Regional Bank Fund | ||
| John Hancock vs. Regional Bank Fund | ||
| John Hancock vs. Multimanager Lifestyle Moderate | ||
| John Hancock vs. Multimanager Lifestyle Balanced |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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