Correlation Between Barings Global and JPMF Global
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By analyzing existing cross correlation between Barings Global Umbrella and JPMF Global Natural, you can compare the effects of market volatilities on Barings Global and JPMF Global 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 JPMF Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Barings Global and JPMF Global.
Diversification Opportunities for Barings Global and JPMF Global
0.67 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Barings and JPMF is 0.67. Overlapping area represents the amount of risk that can be diversified away by holding Barings Global Umbrella and JPMF Global Natural in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPMF Global Natural 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 JPMF Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JPMF Global Natural has no effect on the direction of Barings Global i.e., Barings Global and JPMF Global go up and down completely randomly.
Pair Corralation between Barings Global and JPMF Global
Assuming the 90 days trading horizon Barings Global Umbrella is expected to generate 0.31 times more return on investment than JPMF Global. However, Barings Global Umbrella is 3.24 times less risky than JPMF Global. It trades about 0.19 of its potential returns per unit of risk. JPMF Global Natural is currently generating about 0.04 per unit of risk. If you would invest 624.00 in Barings Global Umbrella on September 14, 2024 and sell it today you would earn a total of 120.00 from holding Barings Global Umbrella or generate 19.23% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 76.47% |
Values | Daily Returns |
Barings Global Umbrella vs. JPMF Global Natural
Performance |
Timeline |
Barings Global Umbrella |
JPMF Global Natural |
Barings Global and JPMF Global Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Barings Global and JPMF Global
The main advantage of trading using opposite Barings Global and JPMF Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Barings Global position performs unexpectedly, JPMF Global 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 JPMF Global will offset losses from the drop in JPMF Global's long position.Barings Global vs. Azvalor Global Value | Barings Global vs. JPM Global Natural | Barings Global vs. Cobas Global PP | Barings Global vs. Aberdeen Global Asian |
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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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