Correlation Between Mfs Global and John Hancock
Can any of the company-specific risk be diversified away by investing in both Mfs Global 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 Global 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 Global High and John Hancock Money, you can compare the effects of market volatilities on Mfs Global 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 Global with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mfs Global and John Hancock.
Diversification Opportunities for Mfs Global 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 Global High 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 Global 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 Global High 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 Global i.e., Mfs Global and John Hancock go up and down completely randomly.
Pair Corralation between Mfs Global and John Hancock
If you would invest 558.00 in Mfs Global High on September 5, 2024 and sell it today you would earn a total of 3.00 from holding Mfs Global High or generate 0.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Mfs Global High vs. John Hancock Money
Performance |
| Timeline |
| Mfs Global High |
| John Hancock Money |
Mfs Global and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mfs Global and John Hancock
The main advantage of trading using opposite Mfs Global and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mfs Global 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 Global vs. John Hancock Money | Mfs Global vs. Elfun Government Money | Mfs Global vs. Aig Government Money | Mfs Global vs. Rbc Funds Trust |
| John Hancock vs. Goehring Rozencwajg Resources | John Hancock vs. Tortoise Energy Independence | John Hancock vs. Energy Basic Materials | John Hancock vs. Icon Natural Resources |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |