Correlation Between Petroleo Brasileiro and Manulife Dividend
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By analyzing existing cross correlation between Petroleo Brasileiro Petrobras and Manulife Dividend Income, you can compare the effects of market volatilities on Petroleo Brasileiro and Manulife Dividend 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 Petroleo Brasileiro with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Petroleo Brasileiro and Manulife Dividend.
Diversification Opportunities for Petroleo Brasileiro and Manulife Dividend
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Petroleo and Manulife is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding Petroleo Brasileiro Petrobras and Manulife Dividend Income in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife Dividend Income and Petroleo Brasileiro 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 Petroleo Brasileiro Petrobras are associated (or correlated) with Manulife Dividend. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife Dividend Income has no effect on the direction of Petroleo Brasileiro i.e., Petroleo Brasileiro and Manulife Dividend go up and down completely randomly.
Pair Corralation between Petroleo Brasileiro and Manulife Dividend
Considering the 90-day investment horizon Petroleo Brasileiro Petrobras is expected to generate 2.84 times more return on investment than Manulife Dividend. However, Petroleo Brasileiro is 2.84 times more volatile than Manulife Dividend Income. It trades about 0.07 of its potential returns per unit of risk. Manulife Dividend Income is currently generating about 0.11 per unit of risk. If you would invest 762.00 in Petroleo Brasileiro Petrobras on September 14, 2024 and sell it today you would earn a total of 599.00 from holding Petroleo Brasileiro Petrobras or generate 78.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 54.34% |
| Values | Daily Returns |
Petroleo Brasileiro Petrobras vs. Manulife Dividend Income
Performance |
| Timeline |
| Petroleo Brasileiro |
| Manulife Dividend Income |
Petroleo Brasileiro and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Petroleo Brasileiro and Manulife Dividend
The main advantage of trading using opposite Petroleo Brasileiro and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Petroleo Brasileiro position performs unexpectedly, Manulife Dividend 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 Dividend will offset losses from the drop in Manulife Dividend's long position.| Petroleo Brasileiro vs. Ecopetrol SA ADR | Petroleo Brasileiro vs. Equinor ASA ADR | Petroleo Brasileiro vs. Eni SpA ADR | Petroleo Brasileiro vs. Cenovus Energy |
| Manulife Dividend vs. Manulife All Cap | Manulife Dividend vs. Manulife Global Equity | Manulife Dividend vs. Manulife Dividend Income | Manulife Dividend vs. Fidelity Tactical High |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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