Correlation Between Jost Werke and Impax Asset
Can any of the company-specific risk be diversified away by investing in both Jost Werke and Impax Asset 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 Jost Werke and Impax Asset into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jost Werke AG and Impax Asset Management, you can compare the effects of market volatilities on Jost Werke and Impax Asset 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 Jost Werke with a short position of Impax Asset. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jost Werke and Impax Asset.
Diversification Opportunities for Jost Werke and Impax Asset
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Jost and Impax is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Jost Werke AG and Impax Asset Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impax Asset Management and Jost Werke 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 Jost Werke AG are associated (or correlated) with Impax Asset. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impax Asset Management has no effect on the direction of Jost Werke i.e., Jost Werke and Impax Asset go up and down completely randomly.
Pair Corralation between Jost Werke and Impax Asset
If you would invest (100.00) in Jost Werke AG on September 2, 2024 and sell it today you would earn a total of 100.00 from holding Jost Werke AG or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Jost Werke AG vs. Impax Asset Management
Performance |
| Timeline |
| Jost Werke AG |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
| Impax Asset Management |
Jost Werke and Impax Asset Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jost Werke and Impax Asset
The main advantage of trading using opposite Jost Werke and Impax Asset positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jost Werke position performs unexpectedly, Impax Asset 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 Impax Asset will offset losses from the drop in Impax Asset's long position.| Jost Werke vs. Young Cos Brewery | Jost Werke vs. Future Metals NL | Jost Werke vs. Jacquet Metal Service | Jost Werke vs. UNIQA Insurance Group |
| Impax Asset vs. Toyota Motor Corp | Impax Asset vs. SoftBank Group Corp | Impax Asset vs. OTP Bank Nyrt | Impax Asset vs. Las Vegas Sands |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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