Correlation Between John Hancock and Growth Fund
Can any of the company-specific risk be diversified away by investing in both John Hancock and Growth Fund 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 John Hancock and Growth Fund into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between John Hancock Money and Growth Fund R6, you can compare the effects of market volatilities on John Hancock and Growth Fund 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 John Hancock with a short position of Growth Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Growth Fund.
Diversification Opportunities for John Hancock and Growth Fund
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and Growth is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Money and Growth Fund R6 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Growth Fund R6 and John Hancock 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 John Hancock Money are associated (or correlated) with Growth Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Growth Fund R6 has no effect on the direction of John Hancock i.e., John Hancock and Growth Fund go up and down completely randomly.
Pair Corralation between John Hancock and Growth Fund
If you would invest 6,053 in Growth Fund R6 on September 25, 2024 and sell it today you would earn a total of 143.00 from holding Growth Fund R6 or generate 2.36% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
John Hancock Money vs. Growth Fund R6
Performance |
Timeline |
John Hancock Money |
Growth Fund R6 |
John Hancock and Growth Fund Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with John Hancock and Growth Fund
The main advantage of trading using opposite John Hancock and Growth Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Growth Fund 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 Growth Fund will offset losses from the drop in Growth Fund's long position.John Hancock vs. Rationalpier 88 Convertible | John Hancock vs. Calamos Dynamic Convertible | John Hancock vs. Virtus Convertible | John Hancock vs. Advent Claymore Convertible |
Growth Fund vs. General Money Market | Growth Fund vs. Cref Money Market | Growth Fund vs. John Hancock Money | Growth Fund vs. Putnam Money Market |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |