Correlation Between IShares Canadian and Manulife Dividend
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By analyzing existing cross correlation between iShares Canadian HYBrid and Manulife Dividend Income, you can compare the effects of market volatilities on IShares Canadian 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 IShares Canadian with a short position of Manulife Dividend. Check out your portfolio center. Please also check ongoing floating volatility patterns of IShares Canadian and Manulife Dividend.
Diversification Opportunities for IShares Canadian and Manulife Dividend
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between IShares and Manulife is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding iShares Canadian HYBrid 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 IShares Canadian 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 iShares Canadian HYBrid 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 IShares Canadian i.e., IShares Canadian and Manulife Dividend go up and down completely randomly.
Pair Corralation between IShares Canadian and Manulife Dividend
Assuming the 90 days trading horizon iShares Canadian HYBrid is expected to generate 1.25 times more return on investment than Manulife Dividend. However, IShares Canadian is 1.25 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 0.08 per unit of risk. If you would invest 1,574 in iShares Canadian HYBrid on September 14, 2024 and sell it today you would earn a total of 419.00 from holding iShares Canadian HYBrid or generate 26.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.6% |
| Values | Daily Returns |
iShares Canadian HYBrid vs. Manulife Dividend Income
Performance |
| Timeline |
| iShares Canadian HYBrid |
| Manulife Dividend Income |
IShares Canadian and Manulife Dividend Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IShares Canadian and Manulife Dividend
The main advantage of trading using opposite IShares Canadian and Manulife Dividend positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IShares Canadian 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.| IShares Canadian vs. iShares Core Canadian | IShares Canadian vs. BMO Mid Corporate | IShares Canadian vs. Global X Active | IShares Canadian vs. iShares 1 10Yr Laddered |
| Manulife Dividend vs. iShares Canadian HYBrid | Manulife Dividend vs. Altagas Cum Red | Manulife Dividend vs. European Residential Real | Manulife Dividend vs. iShares Fundamental Hedged |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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