Correlation Between Mirova Global and The Hartford
Can any of the company-specific risk be diversified away by investing in both Mirova Global and The Hartford 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 Mirova Global and The Hartford into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mirova Global Green and The Hartford Global, you can compare the effects of market volatilities on Mirova Global and The Hartford 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 Mirova Global with a short position of The Hartford. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mirova Global and The Hartford.
Diversification Opportunities for Mirova Global and The Hartford
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Mirova and The is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Mirova Global Green and The Hartford Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hartford Global and Mirova 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 Mirova Global Green are associated (or correlated) with The Hartford. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hartford Global has no effect on the direction of Mirova Global i.e., Mirova Global and The Hartford go up and down completely randomly.
Pair Corralation between Mirova Global and The Hartford
Assuming the 90 days horizon Mirova Global Green is expected to under-perform the The Hartford. In addition to that, Mirova Global is 3.62 times more volatile than The Hartford Global. It trades about -0.14 of its total potential returns per unit of risk. The Hartford Global is currently generating about 0.55 per unit of volatility. If you would invest 897.00 in The Hartford Global on March 23, 2025 and sell it today you would earn a total of 30.00 from holding The Hartford Global or generate 3.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mirova Global Green vs. The Hartford Global
Performance |
| Timeline |
| Mirova Global Green |
| Hartford Global |
Mirova Global and The Hartford Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mirova Global and The Hartford
The main advantage of trading using opposite Mirova Global and The Hartford positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mirova Global position performs unexpectedly, The Hartford 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 The Hartford will offset losses from the drop in The Hartford's long position.| Mirova Global vs. Harding Loevner Frontier | Mirova Global vs. Rbc Emerging Markets | Mirova Global vs. Doubleline Emerging Markets | Mirova Global vs. Gmo Emerging Markets |
| The Hartford vs. Vanguard Information Technology | The Hartford vs. Allianzgi Technology Fund | The Hartford vs. Fidelity Advisor Technology | The Hartford vs. Red Oak Technology |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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