Correlation Between APPLE and Jabil Circuit
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By analyzing existing cross correlation between APPLE INC and Jabil Circuit, you can compare the effects of market volatilities on APPLE and Jabil Circuit 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 APPLE with a short position of Jabil Circuit. Check out your portfolio center. Please also check ongoing floating volatility patterns of APPLE and Jabil Circuit.
Diversification Opportunities for APPLE and Jabil Circuit
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between APPLE and Jabil is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding APPLE INC and Jabil Circuit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jabil Circuit and APPLE 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 APPLE INC are associated (or correlated) with Jabil Circuit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jabil Circuit has no effect on the direction of APPLE i.e., APPLE and Jabil Circuit go up and down completely randomly.
Pair Corralation between APPLE and Jabil Circuit
Assuming the 90 days trading horizon APPLE INC is expected to under-perform the Jabil Circuit. But the bond apears to be less risky and, when comparing its historical volatility, APPLE INC is 5.98 times less risky than Jabil Circuit. The bond trades about -0.01 of its potential returns per unit of risk. The Jabil Circuit is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 5,795 in Jabil Circuit on January 25, 2024 and sell it today you would earn a total of 6,294 from holding Jabil Circuit or generate 108.61% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
APPLE INC vs. Jabil Circuit
Performance |
Timeline |
APPLE INC |
Jabil Circuit |
APPLE and Jabil Circuit Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with APPLE and Jabil Circuit
The main advantage of trading using opposite APPLE and Jabil Circuit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if APPLE position performs unexpectedly, Jabil Circuit 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 Jabil Circuit will offset losses from the drop in Jabil Circuit's long position.APPLE vs. AEP TEX INC | APPLE vs. US BANK NATIONAL | APPLE vs. Allison Transmission Holdings | APPLE vs. AZZ Incorporated |
Jabil Circuit vs. Sanmina | Jabil Circuit vs. Celestica | Jabil Circuit vs. Plexus Corp | Jabil Circuit vs. Fabrinet |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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