Correlation Between Walgreens Boots and Manulife Dividend
Specify exactly 2 symbols:
By analyzing existing cross correlation between Walgreens Boots Alliance and Manulife Dividend Income, you can compare the effects of market volatilities on Walgreens Boots 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 Walgreens Boots with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walgreens Boots and Manulife Dividend.
Diversification Opportunities for Walgreens Boots and Manulife Dividend
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Walgreens and Manulife is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Walgreens Boots Alliance 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 Walgreens Boots 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 Walgreens Boots Alliance 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 Walgreens Boots i.e., Walgreens Boots and Manulife Dividend go up and down completely randomly.
Pair Corralation between Walgreens Boots and Manulife Dividend
Considering the 90-day investment horizon Walgreens Boots Alliance is expected to generate 3.39 times more return on investment than Manulife Dividend. However, Walgreens Boots is 3.39 times more volatile than Manulife Dividend Income. It trades about 0.25 of its potential returns per unit of risk. Manulife Dividend Income is currently generating about -0.21 per unit of risk. If you would invest 935.00 in Walgreens Boots Alliance on October 20, 2024 and sell it today you would earn a total of 317.00 from holding Walgreens Boots Alliance or generate 33.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Walgreens Boots Alliance vs. Manulife Dividend Income
Performance |
| Timeline |
| Walgreens Boots Alliance |
| Manulife Dividend Income |
Walgreens Boots and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walgreens Boots and Manulife Dividend
The main advantage of trading using opposite Walgreens Boots and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walgreens Boots 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.| Walgreens Boots vs. PetMed Express | Walgreens Boots vs. 111 Inc | Walgreens Boots vs. China Jo Jo Drugstores | Walgreens Boots vs. High Tide |
| Manulife Dividend vs. RBC Select Balanced | Manulife Dividend vs. PIMCO Monthly Income | Manulife Dividend vs. RBC Portefeuille de | Manulife Dividend vs. Edgepoint Global Portfolio |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Stocks Directory Find actively traded stocks across global markets | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |