Correlation Between Cantaloupe and JJill

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Can any of the company-specific risk be diversified away by investing in both Cantaloupe and JJill 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 Cantaloupe and JJill into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cantaloupe and JJill Inc, you can compare the effects of market volatilities on Cantaloupe and JJill 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 Cantaloupe with a short position of JJill. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cantaloupe and JJill.

Diversification Opportunities for Cantaloupe and JJill

0.52
  Correlation Coefficient

Very weak diversification

The 3 months correlation between Cantaloupe and JJill is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Cantaloupe and JJill Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JJill Inc and Cantaloupe 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 Cantaloupe are associated (or correlated) with JJill. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JJill Inc has no effect on the direction of Cantaloupe i.e., Cantaloupe and JJill go up and down completely randomly.

Pair Corralation between Cantaloupe and JJill

Given the investment horizon of 90 days Cantaloupe is expected to generate 1.17 times more return on investment than JJill. However, Cantaloupe is 1.17 times more volatile than JJill Inc. It trades about 0.27 of its potential returns per unit of risk. JJill Inc is currently generating about 0.21 per unit of risk. If you would invest  436.00  in Cantaloupe on November 4, 2022 and sell it today you would earn a total of  81.00  from holding Cantaloupe or generate 18.58% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy95.45%
ValuesDaily Returns

Cantaloupe  vs.  JJill Inc

 Performance (%) 
       Timeline  
Cantaloupe 
Cantaloupe Performance
15 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Cantaloupe are ranked lower than 15 (%) of all global equities and portfolios over the last 90 days. In spite of very unsteady essential indicators, Cantaloupe displayed solid returns over the last few months and may actually be approaching a breakup point.

Cantaloupe Price Channel

JJill Inc 
JJill Performance
9 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in JJill Inc are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak essential indicators, JJill revealed solid returns over the last few months and may actually be approaching a breakup point.

JJill Price Channel

Cantaloupe and JJill Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Cantaloupe and JJill

The main advantage of trading using opposite Cantaloupe and JJill positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cantaloupe position performs unexpectedly, JJill 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 JJill will offset losses from the drop in JJill's long position.
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The idea behind Cantaloupe and JJill Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.

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