Correlation Between Manulife Global and CI Global
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By analyzing existing cross correlation between Manulife Global Equity and CI Global Unconstrained, you can compare the effects of market volatilities on Manulife Global and CI 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 CI Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Manulife Global and CI Global.
Diversification Opportunities for Manulife Global and CI Global
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Manulife and CUBD is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Manulife Global Equity and CI Global Unconstrained in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CI Global Unconstrained 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 CI Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CI Global Unconstrained has no effect on the direction of Manulife Global i.e., Manulife Global and CI Global go up and down completely randomly.
Pair Corralation between Manulife Global and CI Global
Assuming the 90 days trading horizon Manulife Global Equity is expected to generate 1.27 times more return on investment than CI Global. However, Manulife Global is 1.27 times more volatile than CI Global Unconstrained. It trades about 0.53 of its potential returns per unit of risk. CI Global Unconstrained is currently generating about 0.16 per unit of risk. If you would invest 5,223 in Manulife Global Equity on November 6, 2024 and sell it today you would earn a total of 266.00 from holding Manulife Global Equity or generate 5.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Manulife Global Equity vs. CI Global Unconstrained
Performance |
| Timeline |
| Manulife Global Equity |
| CI Global Unconstrained |
Manulife Global and CI Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Manulife Global and CI Global
The main advantage of trading using opposite Manulife Global and CI Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Manulife Global position performs unexpectedly, CI 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 CI Global will offset losses from the drop in CI Global's long position.| Manulife Global vs. Fidelity Global Equity | Manulife Global vs. Tangerine Equity Growth | Manulife Global vs. PHN Canadian Equity | Manulife Global vs. Dynamic Global Fixed |
| CI Global vs. Global Healthcare Income | CI Global vs. CI Global Alpha | CI Global vs. CI Global Alpha | CI 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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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