Correlation Between Nimble Storage and JetBlue Airways
Can any of the company-specific risk be diversified away by investing in both Nimble Storage and JetBlue Airways 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 Nimble Storage and JetBlue Airways into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nimble Storage and JetBlue Airways Corp, you can compare the effects of market volatilities on Nimble Storage and JetBlue Airways 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 Nimble Storage with a short position of JetBlue Airways. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nimble Storage and JetBlue Airways.
Diversification Opportunities for Nimble Storage and JetBlue Airways
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nimble and JetBlue is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nimble Storage and JetBlue Airways Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JetBlue Airways Corp and Nimble Storage 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 Nimble Storage are associated (or correlated) with JetBlue Airways. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JetBlue Airways Corp has no effect on the direction of Nimble Storage i.e., Nimble Storage and JetBlue Airways go up and down completely randomly.
Pair Corralation between Nimble Storage and JetBlue Airways
If you would invest (100.00) in Nimble Storage on February 7, 2024 and sell it today you would earn a total of 100.00 from holding Nimble Storage 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 |
Nimble Storage vs. JetBlue Airways Corp
Performance |
Timeline |
Nimble Storage |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
JetBlue Airways Corp |
Nimble Storage and JetBlue Airways Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Nimble Storage and JetBlue Airways
The main advantage of trading using opposite Nimble Storage and JetBlue Airways positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nimble Storage position performs unexpectedly, JetBlue Airways 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 JetBlue Airways will offset losses from the drop in JetBlue Airways' long position.Nimble Storage vs. Joby Aviation | Nimble Storage vs. MYT Netherlands Parent | Nimble Storage vs. Playfair Mining | Nimble Storage vs. Wizz Air Holdings |
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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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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