Correlation Between NVIDIA and John Hancock
Can any of the company-specific risk be diversified away by investing in both NVIDIA and John Hancock 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 NVIDIA and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NVIDIA and John Hancock Exchange Traded, you can compare the effects of market volatilities on NVIDIA and John Hancock 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 NVIDIA with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of NVIDIA and John Hancock.
Diversification Opportunities for NVIDIA and John Hancock
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between NVIDIA and John is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding NVIDIA and John Hancock Exchange Traded in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Exchange and NVIDIA 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 NVIDIA are associated (or correlated) with John Hancock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of John Hancock Exchange has no effect on the direction of NVIDIA i.e., NVIDIA and John Hancock go up and down completely randomly.
Pair Corralation between NVIDIA and John Hancock
Given the investment horizon of 90 days NVIDIA is expected to generate 10.31 times more return on investment than John Hancock. However, NVIDIA is 10.31 times more volatile than John Hancock Exchange Traded. It trades about 0.15 of its potential returns per unit of risk. John Hancock Exchange Traded is currently generating about 0.28 per unit of risk. If you would invest 15,999 in NVIDIA on July 8, 2025 and sell it today you would earn a total of 2,763 from holding NVIDIA or generate 17.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
NVIDIA vs. John Hancock Exchange Traded
Performance |
| Timeline |
| NVIDIA |
| John Hancock Exchange |
NVIDIA and John Hancock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NVIDIA and John Hancock
The main advantage of trading using opposite NVIDIA and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NVIDIA position performs unexpectedly, John Hancock 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 John Hancock will offset losses from the drop in John Hancock's long position.| NVIDIA vs. QuickLogic | NVIDIA vs. Sequans Communications SA | NVIDIA vs. Power Integrations | NVIDIA vs. Silicon Laboratories |
| John Hancock vs. SSGA Active Trust | John Hancock vs. SPDR Nuveen Municipal | John Hancock vs. iShares Short Maturity | John Hancock vs. First Trust Flexible |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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