Correlation Between UBS ETRACS and JJEB
Can any of the company-specific risk be diversified away by investing in both UBS ETRACS and JJEB 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 UBS ETRACS and JJEB into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between UBS ETRACS and JJEB, you can compare the effects of market volatilities on UBS ETRACS and JJEB 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 UBS ETRACS with a short position of JJEB. Check out your portfolio center. Please also check ongoing floating volatility patterns of UBS ETRACS and JJEB.
Diversification Opportunities for UBS ETRACS and JJEB
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UBS and JJEB is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UBS ETRACS and JJEB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JJEB and UBS ETRACS 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 UBS ETRACS are associated (or correlated) with JJEB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JJEB has no effect on the direction of UBS ETRACS i.e., UBS ETRACS and JJEB go up and down completely randomly.
Pair Corralation between UBS ETRACS and JJEB
If you would invest (100.00) in JJEB on January 20, 2024 and sell it today you would earn a total of 100.00 from holding JJEB or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
UBS ETRACS vs. JJEB
Performance |
| Timeline |
| UBS ETRACS |
| JJEB |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
UBS ETRACS and JJEB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UBS ETRACS and JJEB
The main advantage of trading using opposite UBS ETRACS and JJEB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UBS ETRACS position performs unexpectedly, JJEB 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 JJEB will offset losses from the drop in JJEB's long position.| UBS ETRACS vs. Drum Income Plus | UBS ETRACS vs. EA Series Trust | UBS ETRACS vs. Global X MLP | UBS ETRACS vs. ETRACS Quarterly Pay |
| JJEB vs. Akros Monthly Payout | JJEB vs. Valkyrie Bitcoin Miners | JJEB vs. Ishares Lifepath Target | JJEB vs. Tidal Trust II |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Commodity Directory Find actively traded commodities issued by global exchanges |