Correlation Between JB Hunt and GRIT Real
Can any of the company-specific risk be diversified away by investing in both JB Hunt and GRIT Real 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 JB Hunt and GRIT Real into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JB Hunt Transport and GRIT Real Estate, you can compare the effects of market volatilities on JB Hunt and GRIT Real 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 JB Hunt with a short position of GRIT Real. Check out your portfolio center. Please also check ongoing floating volatility patterns of JB Hunt and GRIT Real.
Diversification Opportunities for JB Hunt and GRIT Real
Significant diversification
The 3 months correlation between 0J71 and GRIT is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding JB Hunt Transport and GRIT Real Estate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIT Real Estate and JB Hunt 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 JB Hunt Transport are associated (or correlated) with GRIT Real. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIT Real Estate has no effect on the direction of JB Hunt i.e., JB Hunt and GRIT Real go up and down completely randomly.
Pair Corralation between JB Hunt and GRIT Real
If you would invest 17,071 in JB Hunt Transport on October 23, 2024 and sell it today you would earn a total of 368.00 from holding JB Hunt Transport or generate 2.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 94.74% |
| Values | Daily Returns |
JB Hunt Transport vs. GRIT Real Estate
Performance |
| Timeline |
| JB Hunt Transport |
| GRIT Real Estate |
JB Hunt and GRIT Real Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JB Hunt and GRIT Real
The main advantage of trading using opposite JB Hunt and GRIT Real positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JB Hunt position performs unexpectedly, GRIT Real 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 GRIT Real will offset losses from the drop in GRIT Real's long position.| JB Hunt vs. Coeur Mining | JB Hunt vs. Europa Metals | JB Hunt vs. Panther Metals PLC | JB Hunt vs. Trainline Plc |
| GRIT Real vs. Ecclesiastical Insurance Office | GRIT Real vs. URU Metals | GRIT Real vs. Jacquet Metal Service | GRIT Real vs. JB Hunt Transport |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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