Correlation Between Jhancock Global and Monteagle Enhanced
Can any of the company-specific risk be diversified away by investing in both Jhancock Global and Monteagle Enhanced 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 Jhancock Global and Monteagle Enhanced into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jhancock Global Equity and Monteagle Enhanced Equity, you can compare the effects of market volatilities on Jhancock Global and Monteagle Enhanced 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 Jhancock Global with a short position of Monteagle Enhanced. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jhancock Global and Monteagle Enhanced.
Diversification Opportunities for Jhancock Global and Monteagle Enhanced
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jhancock and Monteagle is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Jhancock Global Equity and Monteagle Enhanced Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Monteagle Enhanced Equity and Jhancock Global 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 Jhancock Global Equity are associated (or correlated) with Monteagle Enhanced. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Monteagle Enhanced Equity has no effect on the direction of Jhancock Global i.e., Jhancock Global and Monteagle Enhanced go up and down completely randomly.
Pair Corralation between Jhancock Global and Monteagle Enhanced
Assuming the 90 days horizon Jhancock Global Equity is expected to generate 1.03 times more return on investment than Monteagle Enhanced. However, Jhancock Global is 1.03 times more volatile than Monteagle Enhanced Equity. It trades about 0.16 of its potential returns per unit of risk. Monteagle Enhanced Equity is currently generating about 0.16 per unit of risk. If you would invest 1,231 in Jhancock Global Equity on May 31, 2025 and sell it today you would earn a total of 74.00 from holding Jhancock Global Equity or generate 6.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jhancock Global Equity vs. Monteagle Enhanced Equity
Performance |
| Timeline |
| Jhancock Global Equity |
| Monteagle Enhanced Equity |
Jhancock Global and Monteagle Enhanced Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jhancock Global and Monteagle Enhanced
The main advantage of trading using opposite Jhancock Global and Monteagle Enhanced positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jhancock Global position performs unexpectedly, Monteagle Enhanced 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 Monteagle Enhanced will offset losses from the drop in Monteagle Enhanced's long position.| Jhancock Global vs. Lsv Small Cap | Jhancock Global vs. Queens Road Small | Jhancock Global vs. Valic Company I | Jhancock Global vs. Small Cap Value Fund |
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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