Two Equities Correlation Analysis
Specify exactly 2 symbols:
JACK
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for Jack In and NYSE Composite
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jack and NYSE is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Jack In The and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and Jack In 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 Jack In The are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of Jack In i.e., Jack In and NYSE Composite go up and down completely randomly.
Pair Corralation between Jack In and NYSE Composite
Given the investment horizon of 90 days Jack In The is expected to under-perform the NYSE Composite. In addition to that, Jack In is 2.92 times more volatile than NYSE Composite. It trades about -0.23 of its total potential returns per unit of risk. NYSE Composite is currently generating about 0.12 per unit of volatility. If you would invest 1,694,911 in NYSE Composite on January 26, 2024 and sell it today you would earn a total of 80,897 from holding NYSE Composite or generate 4.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jack In The vs. NYSE Composite
Performance |
| Timeline |
Jack In and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
Jack In The
Pair trading matchups for Jack In
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Jack In and NYSE Composite
The main advantage of trading using opposite Jack In and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jack In position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| Jack In vs. Dine Brands Global | Jack In vs. Bloomin Brands | Jack In vs. BJs Restaurants | Jack In vs. The Cheesecake Factory |
| NYSE Composite vs. Aduro Clean Technologies | NYSE Composite vs. Transphorm Technology | NYSE Composite vs. Advanced Micro Devices | NYSE Composite vs. IPG Photonics |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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