Correlation Between John Hancock and Ab Global
Can any of the company-specific risk be diversified away by investing in both John Hancock and Ab Global 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 Ab Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between John Hancock Global and Ab Global E, you can compare the effects of market volatilities on John Hancock and Ab Global 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 Ab Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Ab Global.
Diversification Opportunities for John Hancock and Ab Global
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between John and GCEYX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Global and Ab Global E in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ab Global E 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 Global are associated (or correlated) with Ab Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ab Global E has no effect on the direction of John Hancock i.e., John Hancock and Ab Global go up and down completely randomly.
Pair Corralation between John Hancock and Ab Global
If you would invest (100.00) in John Hancock Global on February 7, 2024 and sell it today you would earn a total of 100.00 from holding John Hancock Global or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
John Hancock Global vs. Ab Global E
Performance |
| Timeline |
| John Hancock Global |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Ab Global E |
John Hancock and Ab Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Ab Global
The main advantage of trading using opposite John Hancock and Ab Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Ab Global 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 Ab Global will offset losses from the drop in Ab Global's long position.| John Hancock vs. Sprott Gold Equity | John Hancock vs. Fidelity Advisor Gold | John Hancock vs. Europac Gold Fund | John Hancock vs. Purpose Silver Bullion |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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