Correlation Between BlackRock Global and JPMIF Bond
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By analyzing existing cross correlation between BlackRock Global Funds and JPMIF Bond Fund, you can compare the effects of market volatilities on BlackRock 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 BlackRock Global with a short position of JPMIF Bond. Check out your portfolio center. Please also check ongoing floating volatility patterns of BlackRock Global and JPMIF Bond.
Diversification Opportunities for BlackRock Global and JPMIF Bond
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between BlackRock and JPMIF is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding BlackRock Global Funds 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 BlackRock 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 BlackRock Global Funds 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 BlackRock Global i.e., BlackRock Global and JPMIF Bond go up and down completely randomly.
Pair Corralation between BlackRock Global and JPMIF Bond
Assuming the 90 days trading horizon BlackRock Global Funds is expected to generate 1.61 times more return on investment than JPMIF Bond. However, BlackRock Global is 1.61 times more volatile than JPMIF Bond Fund. It trades about 0.3 of its potential returns per unit of risk. JPMIF Bond Fund is currently generating about -0.05 per unit of risk. If you would invest 4,969 in BlackRock Global Funds on November 4, 2024 and sell it today you would earn a total of 269.00 from holding BlackRock Global Funds or generate 5.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
BlackRock Global Funds vs. JPMIF Bond Fund
Performance |
| Timeline |
| BlackRock Global Funds |
| JPMIF Bond Fund |
BlackRock Global and JPMIF Bond Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BlackRock Global and JPMIF Bond
The main advantage of trading using opposite BlackRock Global and JPMIF Bond positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BlackRock 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.| BlackRock Global vs. Groupama Entreprises N | BlackRock Global vs. Renaissance Europe C | BlackRock Global vs. Superior Plus Corp | BlackRock Global vs. Origin Agritech |
| 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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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