Correlation Between Manulife Global and PHN Multi
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By analyzing existing cross correlation between Manulife Global Equity and PHN Multi Style All Cap, you can compare the effects of market volatilities on Manulife Global and PHN Multi 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 PHN Multi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Global and PHN Multi.
Diversification Opportunities for Manulife Global and PHN Multi
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Manulife and PHN is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Global Equity and PHN Multi Style All Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHN Multi Style 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 PHN Multi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHN Multi Style has no effect on the direction of Manulife Global i.e., Manulife Global and PHN Multi go up and down completely randomly.
Pair Corralation between Manulife Global and PHN Multi
If you would invest 5,236 in Manulife Global Equity on November 4, 2024 and sell it today you would earn a total of 253.00 from holding Manulife Global Equity or generate 4.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Manulife Global Equity vs. PHN Multi Style All Cap
Performance |
| Timeline |
| Manulife Global Equity |
| PHN Multi Style |
Manulife Global and PHN Multi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Global and PHN Multi
The main advantage of trading using opposite Manulife Global and PHN Multi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife Global position performs unexpectedly, PHN Multi 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 PHN Multi will offset losses from the drop in PHN Multi's long position.| Manulife Global vs. RBC Canadian Equity | Manulife Global vs. Tangerine Equity Growth | Manulife Global vs. Fidelity Global Equity | Manulife Global vs. Dynamic Global Fixed |
| PHN Multi vs. Fidelity Tactical High | PHN Multi vs. Fidelity ClearPath 2045 | PHN Multi vs. Bloom Select Income | PHN Multi vs. Mackenzie Ivy European |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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