Correlation Between Morgan Stanley and Manulife All
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By analyzing existing cross correlation between Morgan Stanley Direct and Manulife All Cap, you can compare the effects of market volatilities on Morgan Stanley and Manulife All 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 Morgan Stanley with a short position of Manulife All. Check out your portfolio center. Please also check ongoing floating volatility patterns of Morgan Stanley and Manulife All.
Diversification Opportunities for Morgan Stanley and Manulife All
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Morgan and Manulife is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Morgan Stanley Direct and Manulife All Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife All Cap and Morgan Stanley 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 Morgan Stanley Direct are associated (or correlated) with Manulife All. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife All Cap has no effect on the direction of Morgan Stanley i.e., Morgan Stanley and Manulife All go up and down completely randomly.
Pair Corralation between Morgan Stanley and Manulife All
Given the investment horizon of 90 days Morgan Stanley is expected to generate 1.26 times less return on investment than Manulife All. In addition to that, Morgan Stanley is 1.22 times more volatile than Manulife All Cap. It trades about 0.15 of its total potential returns per unit of risk. Manulife All Cap is currently generating about 0.24 per unit of volatility. If you would invest 5,378 in Manulife All Cap on September 13, 2024 and sell it today you would earn a total of 458.00 from holding Manulife All Cap or generate 8.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 97.62% |
| Values | Daily Returns |
Morgan Stanley Direct vs. Manulife All Cap
Performance |
| Timeline |
| Morgan Stanley Direct |
| Manulife All Cap |
Morgan Stanley and Manulife All Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Morgan Stanley and Manulife All
The main advantage of trading using opposite Morgan Stanley and Manulife All positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Morgan Stanley position performs unexpectedly, Manulife All 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 Manulife All will offset losses from the drop in Manulife All's long position.| Morgan Stanley vs. Tesla Inc | Morgan Stanley vs. Genfit | Morgan Stanley vs. Pinterest | Morgan Stanley vs. Tarsus Pharmaceuticals |
| Manulife All vs. RBC Select Balanced | Manulife All vs. RBC Portefeuille de | Manulife All vs. Edgepoint Global Portfolio | Manulife All vs. TD Comfort Balanced |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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