Correlation Between Comcast Corp and John Hancock

Can any of the company-specific risk be diversified away by investing in both Comcast Corp 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 Comcast Corp and John Hancock into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Comcast Corp and John Hancock Multifactor, you can compare the effects of market volatilities on Comcast Corp 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 Comcast Corp with a short position of John Hancock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Comcast Corp and John Hancock.

Diversification Opportunities for Comcast Corp and John Hancock

-0.06

Correlation Coefficient

Comcast Corp  John Hancock

Good diversification

The 3 months correlation between Comcast and John is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Comcast Corp and John Hancock Multifactor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on John Hancock Multifactor and Comcast Corp 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 Comcast Corp 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 Multifactor has no effect on the direction of Comcast Corp i.e., Comcast Corp and John Hancock go up and down completely randomly.

Pair Corralation between Comcast Corp and John Hancock

Assuming the 90 days horizon Comcast Corp is expected to under-perform the John Hancock. In addition to that, Comcast Corp is 2.05 times more volatile than John Hancock Multifactor. It trades about -0.09 of its total potential returns per unit of risk. John Hancock Multifactor is currently generating about 0.18 per unit of volatility. If you would invest  6,968  in John Hancock Multifactor on May 12, 2025 and sell it today you would earn a total of  523.00  from holding John Hancock Multifactor or generate 7.51% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Comcast Corp  vs.  John Hancock Multifactor

Comcast Corp

Risk-Adjusted Performance

Weakest

Over the last 90 days Comcast Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.

John Hancock Multifactor

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in John Hancock Multifactor are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. Despite quite unfluctuating primary indicators, John Hancock may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Pair Trading with Comcast Corp and John Hancock

The main advantage of trading using opposite Comcast Corp and John Hancock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Comcast Corp 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 Comcast Corp and John Hancock Multifactor 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.

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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.