Correlation Between Ether Fund and Manulife Multifactor
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By analyzing existing cross correlation between Ether Fund and Manulife Multifactor Mid, you can compare the effects of market volatilities on Ether Fund and Manulife Multifactor 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 Ether Fund with a short position of Manulife Multifactor. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ether Fund and Manulife Multifactor.
Diversification Opportunities for Ether Fund and Manulife Multifactor
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ether and Manulife is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Ether Fund and Manulife Multifactor Mid in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife Multifactor Mid and Ether 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 Ether Fund are associated (or correlated) with Manulife Multifactor. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife Multifactor Mid has no effect on the direction of Ether Fund i.e., Ether Fund and Manulife Multifactor go up and down completely randomly.
Pair Corralation between Ether Fund and Manulife Multifactor
Assuming the 90 days trading horizon Ether Fund is expected to generate 3.81 times more return on investment than Manulife Multifactor. However, Ether Fund is 3.81 times more volatile than Manulife Multifactor Mid. It trades about 0.08 of its potential returns per unit of risk. Manulife Multifactor Mid is currently generating about 0.06 per unit of risk. If you would invest 2,401 in Ether Fund on September 24, 2024 and sell it today you would earn a total of 5,114 from holding Ether Fund or generate 212.99% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Ether Fund vs. Manulife Multifactor Mid
Performance |
Timeline |
Ether Fund |
Manulife Multifactor Mid |
Ether Fund and Manulife Multifactor Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ether Fund and Manulife Multifactor
The main advantage of trading using opposite Ether Fund and Manulife Multifactor positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ether Fund position performs unexpectedly, Manulife Multifactor 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 Multifactor will offset losses from the drop in Manulife Multifactor's long position.Ether Fund vs. Manulife Multifactor Mid | Ether Fund vs. Manulife Multifactor Canadian | Ether Fund vs. Manulife Multifactor Large | Ether Fund vs. Manulife Multifactor Canadian |
Manulife Multifactor vs. iShares SP Mid Cap | Manulife Multifactor vs. iShares Core SP | Manulife Multifactor vs. iShares MSCI Europe | Manulife Multifactor vs. iShares Core MSCI |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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