Correlation Between John Hancock and Calvert Short
Can any of the company-specific risk be diversified away by investing in both John Hancock and Calvert Short 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 Calvert Short into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between John Hancock Esg and Calvert Short Duration, you can compare the effects of market volatilities on John Hancock and Calvert Short 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 Calvert Short. Check out your portfolio center. Please also check ongoing floating volatility patterns of John Hancock and Calvert Short.
Diversification Opportunities for John Hancock and Calvert Short
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JOHN and Calvert is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding John Hancock Esg and Calvert Short Duration in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calvert Short Duration 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 Esg are associated (or correlated) with Calvert Short. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calvert Short Duration has no effect on the direction of John Hancock i.e., John Hancock and Calvert Short go up and down completely randomly.
Pair Corralation between John Hancock and Calvert Short
Assuming the 90 days horizon John Hancock Esg is expected to generate 9.23 times more return on investment than Calvert Short. However, John Hancock is 9.23 times more volatile than Calvert Short Duration. It trades about 0.25 of its potential returns per unit of risk. Calvert Short Duration is currently generating about 0.17 per unit of risk. If you would invest 1,936 in John Hancock Esg on April 8, 2025 and sell it today you would earn a total of 487.00 from holding John Hancock Esg or generate 25.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
John Hancock Esg vs. Calvert Short Duration
Performance |
| Timeline |
| John Hancock Esg |
| Calvert Short Duration |
John Hancock and Calvert Short Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with John Hancock and Calvert Short
The main advantage of trading using opposite John Hancock and Calvert Short positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if John Hancock position performs unexpectedly, Calvert Short 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 Calvert Short will offset losses from the drop in Calvert Short's long position.| John Hancock vs. Principal Fds Money | John Hancock vs. Blackrock Exchange Portfolio | John Hancock vs. Pioneer Money Market | John Hancock vs. Matson Money Equity |
| Calvert Short vs. Dunham Large Cap | Calvert Short vs. Large Cap Growth Profund | Calvert Short vs. Americafirst Large Cap | Calvert Short vs. John Hancock Esg |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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