Correlation Between Oppenheimer Intl and John Hancock
Can any of the company-specific risk be diversified away by investing in both Oppenheimer Intl 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 Oppenheimer Intl and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Oppenheimer Intl Small and John Hancock International, you can compare the effects of market volatilities on Oppenheimer Intl 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 Oppenheimer Intl with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Oppenheimer Intl and John Hancock.
Diversification Opportunities for Oppenheimer Intl and John Hancock
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Oppenheimer and John is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Oppenheimer Intl Small and John Hancock International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Interna and Oppenheimer Intl 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 Oppenheimer Intl Small 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 Interna has no effect on the direction of Oppenheimer Intl i.e., Oppenheimer Intl and John Hancock go up and down completely randomly.
Pair Corralation between Oppenheimer Intl and John Hancock
Assuming the 90 days horizon Oppenheimer Intl is expected to generate 9.98 times less return on investment than John Hancock. In addition to that, Oppenheimer Intl is 1.04 times more volatile than John Hancock International. It trades about 0.01 of its total potential returns per unit of risk. John Hancock International is currently generating about 0.05 per unit of volatility. If you would invest 2,442 in John Hancock International on September 12, 2024 and sell it today you would earn a total of 373.00 from holding John Hancock International or generate 15.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Oppenheimer Intl Small vs. John Hancock International
Performance |
| Timeline |
| Oppenheimer Intl Small |
| John Hancock Interna |
Oppenheimer Intl and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Oppenheimer Intl and John Hancock
The main advantage of trading using opposite Oppenheimer Intl and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Oppenheimer Intl 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.| Oppenheimer Intl vs. Precious Metals And | Oppenheimer Intl vs. Gabelli Gold Fund | Oppenheimer Intl vs. Vy Goldman Sachs | Oppenheimer Intl vs. Gold And Precious |
| John Hancock vs. Europacific Growth Fund | John Hancock vs. SCOR PK | John Hancock vs. Morningstar Unconstrained Allocation | John Hancock vs. Thrivent High Yield |
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.
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