DMA vs MFC: Correlation
How closely do Destra Multi-Alternative Fund (DMA) and Manulife Financial Corporation (MFC) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DMA and MFC?
On 3 years of weekly data the DMA/MFC correlation comes out at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 179.0 %².
MFC is one of the assets that tracks DMA most closely: it ranks #2 out of the 10 assets we track against DMA. Correlation aside, the last 12 months split them widely, with MFC ahead by 49.6 points (-3.3% versus +46.3%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
DMA vs MFC: side by side
| DMA (Destra Multi-Alternative Fund) | MFC (Manulife Financial Corporation) | |
|---|---|---|
| 1-year return | -3.3% | +46.3% |
| 5-year return | +19.8% | +174.6% |
| Volatility (ann.) | 17.6% | 21.2% |
| Beta vs S&P 500 | 0.47 | 0.87 |
| Max drawdown (3Y) | -19.4% | -16.8% |
| Market cap | $0.1B | $71.7B |
| P/E (trailing) | – | 16.2 |
| Dividend yield | 0.00% | 4.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DMA | MFC |
|---|---|---|
| 2022 | – | -1.2% |
| 2023 | -3.8% | +31.1% |
| 2024 | +41.1% | +45.2% |
| 2025 | +12.0% | +20.6% |
| 2026 | -6.3% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DMA and MFC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DMA and MFC?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.46 over the last year and 0.36 over 5 years.
Is MFC a good diversifier for DMA?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dma-vs-mfc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dma-vs-mfc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DMA correlations · MFC correlations
