Correlation Between JNT and Moonriver

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both JNT and Moonriver 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 JNT and Moonriver into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JNT and Moonriver, you can compare the effects of market volatilities on JNT and Moonriver 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 JNT with a short position of Moonriver. Check out your portfolio center. Please also check ongoing floating volatility patterns of JNT and Moonriver.

Diversification Opportunities for JNT and Moonriver

0.41
  Correlation Coefficient

Very weak diversification

The 3 months correlation between JNT and Moonriver is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding JNT and Moonriver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Moonriver and JNT 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 JNT are associated (or correlated) with Moonriver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Moonriver has no effect on the direction of JNT i.e., JNT and Moonriver go up and down completely randomly.

Pair Corralation between JNT and Moonriver

If you would invest  8.16  in JNT on December 29, 2023 and sell it today you would earn a total of  0.00  from holding JNT or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy4.55%
ValuesDaily Returns

JNT  vs.  Moonriver

 Performance 
       Timeline  
JNT 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days JNT has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, JNT is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.
Moonriver 

Risk-Adjusted Performance

0 of 100

 
Low
 
High
Very Weak
Over the last 90 days Moonriver has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Crypto's basic indicators remain rather sound which may send shares a bit higher in April 2024. The latest tumult may also be a sign of longer-term up-swing for Moonriver shareholders.

JNT and Moonriver Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with JNT and Moonriver

The main advantage of trading using opposite JNT and Moonriver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JNT position performs unexpectedly, Moonriver 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 Moonriver will offset losses from the drop in Moonriver's long position.
The idea behind JNT and Moonriver 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.
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.

Other Complementary Tools

Insider Screener
Find insiders across different sectors to evaluate their impact on performance
AI Portfolio Architect
Use AI to generate optimal portfolios and find profitable investment opportunities
Portfolio Diagnostics
Use generated alerts and portfolio events aggregator to diagnose current holdings
Volatility Analysis
Get historical volatility and risk analysis based on latest market data
My Watchlist Analysis
Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like
Portfolio Holdings
Check your current holdings and cash postion to detemine if your portfolio needs rebalancing
Correlation Analysis
Reduce portfolio risk simply by holding instruments which are not perfectly correlated
Sign In To Macroaxis
Sign in to explore Macroaxis' wealth optimization platform and fintech modules