Correlation Between Manulife Global and Mawer Global
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By analyzing existing cross correlation between Manulife Global Equity and Mawer Global Small, you can compare the effects of market volatilities on Manulife Global and Mawer Global 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 Manulife Global with a short position of Mawer Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Global and Mawer Global.
Diversification Opportunities for Manulife Global and Mawer Global
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Manulife and Mawer is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Global Equity and Mawer Global Small in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mawer Global Small and Manulife 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 Manulife Global Equity are associated (or correlated) with Mawer Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mawer Global Small has no effect on the direction of Manulife Global i.e., Manulife Global and Mawer Global go up and down completely randomly.
Pair Corralation between Manulife Global and Mawer Global
Assuming the 90 days trading horizon Manulife Global Equity is expected to under-perform the Mawer Global. But the fund apears to be less risky and, when comparing its historical volatility, Manulife Global Equity is 1.23 times less risky than Mawer Global. The fund trades about -0.33 of its potential returns per unit of risk. The Mawer Global Small is currently generating about -0.2 of returns per unit of risk over similar time horizon. If you would invest 1,585 in Mawer Global Small on October 12, 2024 and sell it today you would lose (45.00) from holding Mawer Global Small or give up 2.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Manulife Global Equity vs. Mawer Global Small
Performance |
| Timeline |
| Manulife Global Equity |
| Mawer Global Small |
Manulife Global and Mawer Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Global and Mawer Global
The main advantage of trading using opposite Manulife Global and Mawer Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife Global position performs unexpectedly, Mawer Global 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 Mawer Global will offset losses from the drop in Mawer Global's long position.| Manulife Global vs. Global Healthcare Income | Manulife Global vs. CI Global Alpha | Manulife Global vs. CI Global Alpha | Manulife Global vs. CDSPI Global Growth |
| Mawer Global vs. Global Healthcare Income | Mawer Global vs. CI Global Alpha | Mawer Global vs. CI Global Alpha | Mawer Global vs. CDSPI Global Growth |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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