Correlation Between John Hancock and Nuveen Nwq
Can any of the company-specific risk be diversified away by investing in both John Hancock and Nuveen Nwq 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 Nuveen Nwq into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between John Hancock Tax and Nuveen Nwq Flexible, you can compare the effects of market volatilities on John Hancock and Nuveen Nwq 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 Nuveen Nwq. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Nuveen Nwq.
Diversification Opportunities for John Hancock and Nuveen Nwq
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between John and Nuveen is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Tax and Nuveen Nwq Flexible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuveen Nwq Flexible 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 Tax are associated (or correlated) with Nuveen Nwq. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuveen Nwq Flexible has no effect on the direction of John Hancock i.e., John Hancock and Nuveen Nwq go up and down completely randomly.
Pair Corralation between John Hancock and Nuveen Nwq
Considering the 90-day investment horizon John Hancock Tax is expected to under-perform the Nuveen Nwq. In addition to that, John Hancock is 4.08 times more volatile than Nuveen Nwq Flexible. It trades about -0.04 of its total potential returns per unit of risk. Nuveen Nwq Flexible is currently generating about 0.13 per unit of volatility. If you would invest 1,951 in Nuveen Nwq Flexible on October 7, 2025 and sell it today you would earn a total of 35.00 from holding Nuveen Nwq Flexible or generate 1.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
John Hancock Tax vs. Nuveen Nwq Flexible
Performance |
| Timeline |
| John Hancock Tax |
| Nuveen Nwq Flexible |
John Hancock and Nuveen Nwq Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Nuveen Nwq
The main advantage of trading using opposite John Hancock and Nuveen Nwq positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Nuveen Nwq 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 Nuveen Nwq will offset losses from the drop in Nuveen Nwq's long position.| John Hancock vs. John Hancock Premium | John Hancock vs. Pimco Corporate Income | John Hancock vs. Pimco High Income | John Hancock vs. John Hancock Financial |
| Nuveen Nwq vs. Eaton Vance Enhanced | Nuveen Nwq vs. Pimco High Income | Nuveen Nwq vs. Calamos Convertible Opportunities | Nuveen Nwq vs. Pimco Corporate Income |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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