Correlation Between Roundhill Investments and John Hancock
Can any of the company-specific risk be diversified away by investing in both Roundhill Investments 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 Roundhill Investments and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Roundhill Investments and John Hancock Exchange Traded, you can compare the effects of market volatilities on Roundhill Investments 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 Roundhill Investments with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Roundhill Investments and John Hancock.
Diversification Opportunities for Roundhill Investments and John Hancock
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Roundhill and John is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding Roundhill Investments and John Hancock Exchange Traded in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Exchange and Roundhill Investments 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 Roundhill Investments 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 Exchange has no effect on the direction of Roundhill Investments i.e., Roundhill Investments and John Hancock go up and down completely randomly.
Pair Corralation between Roundhill Investments and John Hancock
If you would invest 2,130 in John Hancock Exchange Traded on August 31, 2024 and sell it today you would earn a total of 8.00 from holding John Hancock Exchange Traded or generate 0.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Roundhill Investments vs. John Hancock Exchange Traded
Performance |
| Timeline |
| Roundhill Investments |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| John Hancock Exchange |
Roundhill Investments and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Roundhill Investments and John Hancock
The main advantage of trading using opposite Roundhill Investments and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Roundhill Investments 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.| Roundhill Investments vs. SoFi Social 50 | Roundhill Investments vs. Global X Blockchain | Roundhill Investments vs. Tuttle Capital Short |
| John Hancock vs. iShares ESG USD | John Hancock vs. FlexShares Disciplined Duration | John Hancock vs. iShares ESG 1 5 | John Hancock vs. First Trust Emerging |
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.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |