Correlation Between Upstart Investments and Manulife Financial
Can any of the company-specific risk be diversified away by investing in both Upstart Investments and Manulife Financial 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 Upstart Investments and Manulife Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Upstart Investments and Manulife Financial Corp, you can compare the effects of market volatilities on Upstart Investments and Manulife Financial 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 Upstart Investments with a short position of Manulife Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Upstart Investments and Manulife Financial.
Diversification Opportunities for Upstart Investments and Manulife Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Upstart and Manulife is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Upstart Investments and Manulife Financial Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife Financial Corp and Upstart Investments 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 Upstart Investments are associated (or correlated) with Manulife Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife Financial Corp has no effect on the direction of Upstart Investments i.e., Upstart Investments and Manulife Financial go up and down completely randomly.
Pair Corralation between Upstart Investments and Manulife Financial
If you would invest 1,702 in Manulife Financial Corp on October 12, 2024 and sell it today you would earn a total of 28.00 from holding Manulife Financial Corp or generate 1.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Upstart Investments vs. Manulife Financial Corp
Performance |
| Timeline |
| Upstart Investments |
| Manulife Financial Corp |
Upstart Investments and Manulife Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Upstart Investments and Manulife Financial
The main advantage of trading using opposite Upstart Investments and Manulife Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Upstart Investments position performs unexpectedly, Manulife Financial 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 Financial will offset losses from the drop in Manulife Financial's long position.| Upstart Investments vs. Laurentian Bank | Upstart Investments vs. Dream Office Real | Upstart Investments vs. US Financial 15 | Upstart Investments vs. Stampede Drilling |
| Manulife Financial vs. Rogers Communications | Manulife Financial vs. Cogeco Communications | Manulife Financial vs. Hemisphere Energy | Manulife Financial vs. Upstart Investments |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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