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Correlation Between James Hardie and MUTUAL FUNDS

Analyzing existing cross correlation between James Hardie Industries Plc and MUTUAL FUNDS LTD. You can compare the effects of market volatilities on James Hardie and MUTUAL FUNDS 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 James Hardie with a short position of MUTUAL FUNDS. Check out your portfolio center. Please also check ongoing floating volatility patterns of James Hardie and MUTUAL FUNDS.

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Diversification Opportunities for James Hardie and MUTUAL FUNDS

James Hardie Industries Plc diversification synergy
0.0
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MTF

Pay attention - limited upside

The 3 months correlation between James and MUTUAL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding James Hardie Industries Plc and MUTUAL FUNDS LTD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on MUTUAL FUNDS LTD and James Hardie 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 James Hardie Industries Plc are associated (or correlated) with MUTUAL FUNDS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MUTUAL FUNDS LTD has no effect on the direction of James Hardie i.e. James Hardie and MUTUAL FUNDS go up and down completely randomly.

Pair Corralation between James Hardie and MUTUAL FUNDS

If you would invest  2,831  in James Hardie Industries Plc on January 28, 2020 and sell it today you would earn a total of  200.00  from holding James Hardie Industries Plc or generate 7.06% return on investment over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy4.0%
ValuesDaily Returns

James Hardie Industries Plc  vs.  MUTUAL FUNDS LTD

 Performance (%) 
    
  Timeline 
James Hardie Industries 
1515

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in James Hardie Industries Plc are ranked lower than 15 (%) of all global equities and portfolios over the last 30 days. Inspite fairly weak basic indicators, James Hardie showed solid returns over the last few months and may actually be approaching a breakup point.
MUTUAL FUNDS LTD 
00

Risk-Adjusted Performance

Over the last 30 days MUTUAL FUNDS LTD has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, MUTUAL FUNDS is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.

James Hardie and MUTUAL FUNDS Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Transaction History module to view history of all your transactions and understand their impact on performance.