Correlation Between Jyske Invest and United Parcel
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By analyzing existing cross correlation between Jyske Invest Nye and United Parcel Service, you can compare the effects of market volatilities on Jyske Invest and United Parcel 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 Jyske Invest with a short position of United Parcel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jyske Invest and United Parcel.
Diversification Opportunities for Jyske Invest and United Parcel
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jyske and United is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Jyske Invest Nye and United Parcel Service in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United Parcel Service 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 United Parcel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United Parcel Service has no effect on the direction of Jyske Invest i.e., Jyske Invest and United Parcel go up and down completely randomly.
Pair Corralation between Jyske Invest and United Parcel
Assuming the 90 days trading horizon Jyske Invest Nye is expected to generate 0.33 times more return on investment than United Parcel. However, Jyske Invest Nye is 3.01 times less risky than United Parcel. It trades about 0.08 of its potential returns per unit of risk. United Parcel Service is currently generating about -0.16 per unit of risk. If you would invest 24,810 in Jyske Invest Nye on January 20, 2024 and sell it today you would earn a total of 230.00 from holding Jyske Invest Nye or generate 0.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 81.82% |
| Values | Daily Returns |
Jyske Invest Nye vs. United Parcel Service
Performance |
| Timeline |
| Jyske Invest Nye |
| United Parcel Service |
Jyske Invest and United Parcel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jyske Invest and United Parcel
The main advantage of trading using opposite Jyske Invest and United Parcel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jyske Invest position performs unexpectedly, United Parcel 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 United Parcel will offset losses from the drop in United Parcel'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 |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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