Correlation Between Steward Funds and John Hancock
Can any of the company-specific risk be diversified away by investing in both Steward Funds 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 Steward Funds and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Steward Funds and John Hancock Money, you can compare the effects of market volatilities on Steward Funds 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 Steward Funds with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Steward Funds and John Hancock.
Diversification Opportunities for Steward Funds and John Hancock
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Steward and John is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Steward Funds and John Hancock Money in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Money and Steward Funds 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 Steward Funds 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 Money has no effect on the direction of Steward Funds i.e., Steward Funds and John Hancock go up and down completely randomly.
Pair Corralation between Steward Funds and John Hancock
If you would invest 2,967 in Steward Funds on September 1, 2024 and sell it today you would earn a total of 234.00 from holding Steward Funds or generate 7.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Steward Funds vs. John Hancock Money
Performance |
| Timeline |
| Steward Funds |
| John Hancock Money |
Steward Funds and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Steward Funds and John Hancock
The main advantage of trading using opposite Steward Funds and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Steward Funds 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.| Steward Funds vs. Steward Small Mid Cap | Steward Funds vs. Steward Small Mid Cap | Steward Funds vs. Steward Ered Call | Steward Funds vs. Steward Ered Call |
| John Hancock vs. Pioneer Diversified High | John Hancock vs. Blackrock Conservative Prprdptfinstttnl | John Hancock vs. Jhancock Diversified Macro | John Hancock vs. Pgim Conservative Retirement |
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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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