Correlation Between MFS Special and John Hancock
Can any of the company-specific risk be diversified away by investing in both MFS Special 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 MFS Special and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between MFS Special Value and John Hancock Income, you can compare the effects of market volatilities on MFS Special 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 MFS Special with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of MFS Special and John Hancock.
Diversification Opportunities for MFS Special and John Hancock
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between MFS and John is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding MFS Special Value 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 MFS Special 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 MFS Special Value 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 MFS Special i.e., MFS Special and John Hancock go up and down completely randomly.
Pair Corralation between MFS Special and John Hancock
If you would invest 1,076 in John Hancock Income on August 28, 2024 and sell it today you would earn a total of 80.00 from holding John Hancock Income or generate 7.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.48% |
| Values | Daily Returns |
MFS Special Value vs. John Hancock Income
Performance |
| Timeline |
| MFS Special Value |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| John Hancock Income |
MFS Special and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MFS Special and John Hancock
The main advantage of trading using opposite MFS Special and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MFS Special 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.| MFS Special vs. Brookfield Business Corp | MFS Special vs. Elysee Development Corp | MFS Special vs. DWS Municipal Income | MFS Special vs. Blackrock Munivest |
| John Hancock vs. PowerUp Acquisition Corp | John Hancock vs. Aurora Innovation | John Hancock vs. HUMANA INC | John Hancock vs. Aquagold International |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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