Correlation Between TGS Esports and Manulife Financial
Can any of the company-specific risk be diversified away by investing in both TGS Esports and Manulife Financial 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 TGS Esports and Manulife Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between TGS Esports and Manulife Financial Corp, you can compare the effects of market volatilities on TGS Esports and Manulife Financial 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 TGS Esports with a short position of Manulife Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of TGS Esports and Manulife Financial.
Diversification Opportunities for TGS Esports and Manulife Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between TGS and Manulife is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding TGS Esports and Manulife Financial Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Manulife Financial Corp and TGS Esports 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 TGS Esports are associated (or correlated) with Manulife Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Manulife Financial Corp has no effect on the direction of TGS Esports i.e., TGS Esports and Manulife Financial go up and down completely randomly.
Pair Corralation between TGS Esports and Manulife Financial
If you would invest 1,619 in Manulife Financial Corp on September 17, 2024 and sell it today you would earn a total of 85.00 from holding Manulife Financial Corp or generate 5.25% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
TGS Esports vs. Manulife Financial Corp
Performance |
Timeline |
TGS Esports |
Manulife Financial Corp |
TGS Esports and Manulife Financial Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with TGS Esports and Manulife Financial
The main advantage of trading using opposite TGS Esports and Manulife Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TGS Esports position performs unexpectedly, Manulife Financial 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 Financial will offset losses from the drop in Manulife Financial's long position.TGS Esports vs. Renoworks Software | TGS Esports vs. Firan Technology Group | TGS Esports vs. DIRTT Environmental Solutions | TGS Esports vs. Slate Grocery REIT |
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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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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