Correlation Between KEURIG DR and John Hancock

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both KEURIG DR 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 KEURIG DR and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between KEURIG DR PEPPER and John Hancock Funds, you can compare the effects of market volatilities on KEURIG DR 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 KEURIG DR with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of KEURIG DR and John Hancock.

Diversification Opportunities for KEURIG DR and John Hancock

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between KEURIG and JLKLX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding KEURIG DR PEPPER and John Hancock Funds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Funds and KEURIG DR 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 KEURIG DR PEPPER 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 Funds has no effect on the direction of KEURIG DR i.e., KEURIG DR and John Hancock go up and down completely randomly.

Pair Corralation between KEURIG DR and John Hancock

If you would invest (100.00)  in KEURIG DR PEPPER on April 5, 2022 and sell it today you would earn a total of  100.00  from holding KEURIG DR PEPPER or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

KEURIG DR PEPPER  vs.  John Hancock Funds

 Performance (%) 
      Timeline 
KEURIG DR PEPPER 
KEURIG Performance
0 of 100
Over the last 90 days KEURIG DR PEPPER has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, KEURIG DR is not utilizing all of its potentials. The current stock price agitation, may contribute to short-term losses for the retail investors.
John Hancock Funds 
JLKLX Performance
0 of 100
Over the last 90 days John Hancock Funds has generated negative risk-adjusted returns adding no value to fund investors. In spite of uncertain performance in the last few months, the Fund's essential indicators remain fairly strong which may send shares a bit higher in August 2022. The current disturbance may also be a sign of long term up-swing for the fund investors.

JLKLX Price Channel

KEURIG DR and John Hancock Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with KEURIG DR and John Hancock

The main advantage of trading using opposite KEURIG DR and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if KEURIG DR 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.
The idea behind KEURIG DR PEPPER and John Hancock Funds pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

John Hancock Funds

Pair trading matchups for John Hancock

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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.

Other Complementary Tools

Transaction History
View history of all your transactions and understand their impact on performance
Go
Global Markets Map
Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes
Go
Watchlist Optimization
Optimize watchlists to build efficient portfolio or rebalance existing positions based on mean-variance optimization algorithm
Go
Analyst Recommendations
Analyst recommendations and target price estimates broken down by several categories
Go
Portfolio Manager
State of the art Portfolio Manager to monitor and improve performance of your invested capital
Go
Financial Widgets
Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets
Go
Sync Your Broker
Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors.
Go
ETF Directory
Find actively traded Exchange Traded Funds (ETF) from around the world
Go
CEO Directory
Screen CEOs from public companies around the world
Go