Correlation Between HealWELL and Manulife Finl
Can any of the company-specific risk be diversified away by investing in both HealWELL and Manulife Finl 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 HealWELL and Manulife Finl into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HealWELL AI and Manulife Finl Srs, you can compare the effects of market volatilities on HealWELL and Manulife Finl 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 HealWELL with a short position of Manulife Finl. Check out your portfolio center. Please also check ongoing floating volatility patterns of HealWELL and Manulife Finl.
Diversification Opportunities for HealWELL and Manulife Finl
-0.79 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HealWELL and Manulife is -0.79. Overlapping area represents the amount of risk that can be diversified away by holding HealWELL AI and Manulife Finl Srs in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife Finl Srs and HealWELL 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 HealWELL AI are associated (or correlated) with Manulife Finl. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife Finl Srs has no effect on the direction of HealWELL i.e., HealWELL and Manulife Finl go up and down completely randomly.
Pair Corralation between HealWELL and Manulife Finl
Assuming the 90 days trading horizon HealWELL AI is expected to generate 8.28 times more return on investment than Manulife Finl. However, HealWELL is 8.28 times more volatile than Manulife Finl Srs. It trades about 0.12 of its potential returns per unit of risk. Manulife Finl Srs is currently generating about -0.01 per unit of risk. If you would invest 128.00 in HealWELL AI on February 8, 2024 and sell it today you would earn a total of 19.00 from holding HealWELL AI or generate 14.84% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
HealWELL AI vs. Manulife Finl Srs
Performance |
Timeline |
HealWELL AI |
Manulife Finl Srs |
HealWELL and Manulife Finl Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with HealWELL and Manulife Finl
The main advantage of trading using opposite HealWELL and Manulife Finl positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HealWELL position performs unexpectedly, Manulife Finl 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 Finl will offset losses from the drop in Manulife Finl's long position.HealWELL vs. dentalcorp Holdings | HealWELL vs. Sienna Senior Living | HealWELL vs. WELL Health Technologies | HealWELL vs. Extendicare |
Manulife Finl vs. Manulife Financial Corp | Manulife Finl vs. Manulife Financial Corp | Manulife Finl vs. Power Financial Corp | Manulife Finl vs. Great West Lifeco |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
Bonds Directory Find actively traded corporate debentures issued by US companies | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Portfolio Anywhere Track or share privately all of your investments from the convenience of any device |