Correlation Between John Hancock and Science Technology
Can any of the company-specific risk be diversified away by investing in both John Hancock and Science Technology 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 Science Technology 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 Science Technology Fund, you can compare the effects of market volatilities on John Hancock and Science Technology 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 Science Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Science Technology.
Diversification Opportunities for John Hancock and Science Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and Science is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Money and Science Technology Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Science Technology 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 Science Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Science Technology has no effect on the direction of John Hancock i.e., John Hancock and Science Technology go up and down completely randomly.
Pair Corralation between John Hancock and Science Technology
If you would invest 2,662 in Science Technology Fund on September 26, 2024 and sell it today you would earn a total of 283.00 from holding Science Technology Fund or generate 10.63% 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. Science Technology Fund
Performance |
Timeline |
John Hancock Money |
Science Technology |
John Hancock and Science Technology Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with John Hancock and Science Technology
The main advantage of trading using opposite John Hancock and Science Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Science Technology 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 Science Technology will offset losses from the drop in Science Technology's long position.John Hancock vs. Vanguard Total Stock | John Hancock vs. Vanguard 500 Index | John Hancock vs. Vanguard Total Stock | John Hancock vs. Vanguard Total Stock |
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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.
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