Correlation Between JAPAN 2X and JAPAN 2X

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

Diversification Opportunities for JAPAN 2X and JAPAN 2X

  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between JAPAN and JAPAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JAPAN 2X STRATEGY and JAPAN 2X STRATEGY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JAPAN 2X STRATEGY and JAPAN 2X 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 JAPAN 2X STRATEGY are associated (or correlated) with JAPAN 2X. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JAPAN 2X STRATEGY has no effect on the direction of JAPAN 2X i.e., JAPAN 2X and JAPAN 2X go up and down completely randomly.

Pair Corralation between JAPAN 2X and JAPAN 2X

If you would invest  0.00  in JAPAN 2X STRATEGY on July 2, 2023 and sell it today you would earn a total of  0.00  from holding JAPAN 2X STRATEGY or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
ValuesDaily Returns



JAPAN Performance

0 of 100
Over the last 90 days JAPAN 2X STRATEGY has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong basic indicators, JAPAN 2X is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

JAPAN Performance

0 of 100
Over the last 90 days JAPAN 2X STRATEGY has generated negative risk-adjusted returns adding no value to fund investors. In spite of weak performance in the last few months, the Fund's basic indicators remain fairly strong which may send shares a bit higher in October 2023. The current disturbance may also be a sign of long term up-swing for the fund investors.

JAPAN 2X and JAPAN 2X Volatility Contrast

   Predicted Return Density   

Pair Trading with JAPAN 2X and JAPAN 2X

The main advantage of trading using opposite JAPAN 2X and JAPAN 2X positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JAPAN 2X position performs unexpectedly, JAPAN 2X 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 JAPAN 2X will offset losses from the drop in JAPAN 2X's long position.
The idea behind JAPAN 2X STRATEGY and JAPAN 2X STRATEGY 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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.

Other Complementary Tools

Headlines Timeline
Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity
Options Analysis
Analyze and evaluate options and option chains as a potential hedge for your portfolios
Money Flow Index
Determine momentum by analyzing Money Flow Index and other technical indicators
Theme Ratings
Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance
Portfolio Center
All portfolio management and optimization tools to improve performance of your portfolios
Global Correlations
Find global opportunities by holding instruments from different markets
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
Technical Analysis
Check basic technical indicators and analysis based on most latest market data
Bollinger Bands
Use Bollinger Bands indicator to analyze target price for a given investing horizon
Portfolio Backtesting
Avoid under-diversification and over-optimization by backtesting your portfolios