Correlation Analysis Between Income Fund and John Hancock

This module allows you to analyze existing cross correlation between The Income Fund of America Cla and John Hancock Funds II Multimana. You can compare the effects of market volatilities on Income Fund and John Hancock 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 Income Fund with a short position of John Hancock. See also your portfolio center. Please also check ongoing floating volatility patterns of Income Fund and John Hancock.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Income Fund  
22

Risk-Adjusted Fund Performance

Compared to the overall equity markets, risk-adjusted returns on investments in The Income Fund of America Cla are ranked lower than 2 (%) of all funds and portfolios of funds over the last 30 days. Inspite fairly strong basic indicators, Income Fund is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
John Hancock Funds  
11

Risk-Adjusted Fund Performance

Compared to the overall equity markets, risk-adjusted returns on investments in John Hancock Funds II Multimana are ranked lower than 1 (%) of all funds and portfolios of funds over the last 30 days. Inspite fairly strong basic indicators, John Hancock is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.

Income Fund and John Hancock Volatility Contrast

 Predicted Return Density 
      Returns 

The Income Fund of America Cla  vs.  John Hancock Funds II Multiman

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, The Income Fund of America Cla is expected to generate 0.79 times more return on investment than John Hancock. However, The Income Fund of America Cla is 1.27 times less risky than John Hancock. It trades about 0.04 of its potential returns per unit of risk. John Hancock Funds II Multimana is currently generating about 0.02 per unit of risk. If you would invest  2,252  in The Income Fund of America Cla on August 21, 2019 and sell it today you would earn a total of  28.00  from holding The Income Fund of America Cla or generate 1.24% return on investment over 30 days.

Pair Corralation between Income Fund and John Hancock

0.86
Time Period3 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Income Fund and John Hancock

The Income Fund of America Cla diversification synergy

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding The Income Fund of America Cla and John Hancock Funds II Multiman in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Funds and Income Fund 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 The Income Fund of America Cla are associated (or correlated) with John Hancock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of John Hancock Funds has no effect on the direction of Income Fund i.e. Income Fund and John Hancock go up and down completely randomly.
See also your portfolio center. Please also try Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.


 
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