Correlation Between Hamilton Enhanced and Mackenzie Large
Can any of the company-specific risk be diversified away by investing in both Hamilton Enhanced and Mackenzie Large 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 Hamilton Enhanced and Mackenzie Large into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hamilton Enhanced Multi Sector and Mackenzie Large Cap, you can compare the effects of market volatilities on Hamilton Enhanced and Mackenzie Large 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 Hamilton Enhanced with a short position of Mackenzie Large. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hamilton Enhanced and Mackenzie Large.
Diversification Opportunities for Hamilton Enhanced and Mackenzie Large
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hamilton and Mackenzie is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Hamilton Enhanced Multi Sector and Mackenzie Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mackenzie Large Cap and Hamilton Enhanced 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 Hamilton Enhanced Multi Sector are associated (or correlated) with Mackenzie Large. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mackenzie Large Cap has no effect on the direction of Hamilton Enhanced i.e., Hamilton Enhanced and Mackenzie Large go up and down completely randomly.
Pair Corralation between Hamilton Enhanced and Mackenzie Large
Assuming the 90 days trading horizon Hamilton Enhanced Multi Sector is expected to generate 0.94 times more return on investment than Mackenzie Large. However, Hamilton Enhanced Multi Sector is 1.06 times less risky than Mackenzie Large. It trades about 0.09 of its potential returns per unit of risk. Mackenzie Large Cap is currently generating about 0.03 per unit of risk. If you would invest 2,001 in Hamilton Enhanced Multi Sector on October 5, 2025 and sell it today you would earn a total of 84.00 from holding Hamilton Enhanced Multi Sector or generate 4.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hamilton Enhanced Multi Sector vs. Mackenzie Large Cap
Performance |
| Timeline |
| Hamilton Enhanced Multi |
| Mackenzie Large Cap |
Hamilton Enhanced and Mackenzie Large Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hamilton Enhanced and Mackenzie Large
The main advantage of trading using opposite Hamilton Enhanced and Mackenzie Large positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hamilton Enhanced position performs unexpectedly, Mackenzie Large 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 Mackenzie Large will offset losses from the drop in Mackenzie Large's long position.| Hamilton Enhanced vs. Vanguard FTSE Developed | Hamilton Enhanced vs. Wealthsimple Developed Markets | Hamilton Enhanced vs. Wealthsimple North America | Hamilton Enhanced vs. iShares SPTSX Canadian |
| Mackenzie Large vs. Hamilton Equity YIELD | Mackenzie Large vs. Vanguard Dividend Appreciation | Mackenzie Large vs. Invesco Canadian Dividend | Mackenzie Large vs. Wealthsimple North America |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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