Correlation Between Barings Global and JPMIF Bond
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By analyzing existing cross correlation between Barings Global Umbrella and JPMIF Bond Fund, you can compare the effects of market volatilities on Barings Global and JPMIF Bond 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 Barings Global with a short position of JPMIF Bond. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barings Global and JPMIF Bond.
Diversification Opportunities for Barings Global and JPMIF Bond
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Barings and JPMIF is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Barings Global Umbrella and JPMIF Bond Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPMIF Bond Fund and Barings Global 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 Barings Global Umbrella are associated (or correlated) with JPMIF Bond. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JPMIF Bond Fund has no effect on the direction of Barings Global i.e., Barings Global and JPMIF Bond go up and down completely randomly.
Pair Corralation between Barings Global and JPMIF Bond
Assuming the 90 days trading horizon Barings Global Umbrella is expected to generate about the same return on investment as JPMIF Bond Fund. However, Barings Global is 1.03 times more volatile than JPMIF Bond Fund. It trades about 0.07 of its potential returns per unit of risk. JPMIF Bond Fund is currently producing about 0.07 per unit of risk. If you would invest 21,535 in JPMIF Bond Fund on September 3, 2024 and sell it today you would earn a total of 1,263 from holding JPMIF Bond Fund or generate 5.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 40.36% |
| Values | Daily Returns |
Barings Global Umbrella vs. JPMIF Bond Fund
Performance |
| Timeline |
| Barings Global Umbrella |
| JPMIF Bond Fund |
Barings Global and JPMIF Bond Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Barings Global and JPMIF Bond
The main advantage of trading using opposite Barings Global and JPMIF Bond positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barings Global position performs unexpectedly, JPMIF Bond 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 JPMIF Bond will offset losses from the drop in JPMIF Bond's long position.| Barings Global vs. Lyxor 1 | Barings Global vs. Xtrackers LevDAX | Barings Global vs. Xtrackers ShortDAX | Barings Global vs. Superior Plus Corp |
| JPMIF Bond vs. Groupama Entreprises N | JPMIF Bond vs. Renaissance Europe C | JPMIF Bond vs. Superior Plus Corp | JPMIF Bond vs. Origin Agritech |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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