Two Equities Correlation Analysis
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JYINYAKL.CO
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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 Jyske Invest and NYSE Composite
0.82 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jyske and NYSE is 0.82. Overlapping area represents the amount of risk that can be diversified away by holding Jyske Invest Nye and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and Jyske Invest 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 Jyske Invest Nye 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 Jyske Invest i.e., Jyske Invest and NYSE Composite go up and down completely randomly.
Pair Corralation between Jyske Invest and NYSE Composite
Assuming the 90 days trading horizon Jyske Invest is expected to generate 1.57 times less return on investment than NYSE Composite. In addition to that, Jyske Invest is 1.08 times more volatile than NYSE Composite. It trades about 0.14 of its total potential returns per unit of risk. NYSE Composite is currently generating about 0.24 per unit of volatility. If you would invest 1,467,578 in NYSE Composite on January 25, 2024 and sell it today you would earn a total of 308,230 from holding NYSE Composite or generate 21.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.19% |
| Values | Daily Returns |
Jyske Invest Nye vs. NYSE Composite
Performance |
| Timeline |
Jyske Invest and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
Jyske Invest Nye
Pair trading matchups for Jyske Invest
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Jyske Invest and NYSE Composite
The main advantage of trading using opposite Jyske Invest and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jyske Invest 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.| Jyske Invest vs. Novo Nordisk AS | Jyske Invest vs. Nordea Bank Abp | Jyske Invest vs. DSV Panalpina AS | Jyske Invest vs. AP Mller |
| 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 AI Investment Finder module to use AI to screen and filter profitable investment opportunities.
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