Correlation Between Mfs International and John Hancock
Can any of the company-specific risk be diversified away by investing in both Mfs International 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 International 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 International Growth and John Hancock Money, you can compare the effects of market volatilities on Mfs International 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 International with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mfs International and John Hancock.
Diversification Opportunities for Mfs International 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 International Growth and John Hancock Money in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Money and Mfs International 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 International Growth 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 Money has no effect on the direction of Mfs International i.e., Mfs International and John Hancock go up and down completely randomly.
Pair Corralation between Mfs International and John Hancock
If you would invest 4,339 in Mfs International Growth on September 3, 2024 and sell it today you would earn a total of 168.00 from holding Mfs International Growth or generate 3.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mfs International Growth vs. John Hancock Money
Performance |
| Timeline |
| Mfs International Growth |
| John Hancock Money |
Mfs International and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mfs International and John Hancock
The main advantage of trading using opposite Mfs International and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mfs International 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 International vs. Fidelity International Growth | Mfs International vs. Fidelity Small Cap | Mfs International vs. Fidelity Advisor Mid | Mfs International vs. HUMANA INC |
| 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 |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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