Correlation Between OURGAME INTHOLDL-00005 and J+J SNACK
Can any of the company-specific risk be diversified away by investing in both OURGAME INTHOLDL-00005 and J+J SNACK 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 OURGAME INTHOLDL-00005 and J+J SNACK into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between OURGAME INTHOLDL 00005 and JJ SNACK FOODS, you can compare the effects of market volatilities on OURGAME INTHOLDL-00005 and J+J SNACK 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 OURGAME INTHOLDL-00005 with a short position of J+J SNACK. Check out your portfolio center. Please also check ongoing floating volatility patterns of OURGAME INTHOLDL-00005 and J+J SNACK.
Diversification Opportunities for OURGAME INTHOLDL-00005 and J+J SNACK
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between OURGAME and J+J is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding OURGAME INTHOLDL 00005 and JJ SNACK FOODS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JJ SNACK FOODS and OURGAME INTHOLDL-00005 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 OURGAME INTHOLDL 00005 are associated (or correlated) with J+J SNACK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JJ SNACK FOODS has no effect on the direction of OURGAME INTHOLDL-00005 i.e., OURGAME INTHOLDL-00005 and J+J SNACK go up and down completely randomly.
Pair Corralation between OURGAME INTHOLDL-00005 and J+J SNACK
If you would invest 15,400 in JJ SNACK FOODS on August 26, 2024 and sell it today you would earn a total of 400.00 from holding JJ SNACK FOODS or generate 2.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
OURGAME INTHOLDL 00005 vs. JJ SNACK FOODS
Performance |
| Timeline |
| OURGAME INTHOLDL 00005 |
| JJ SNACK FOODS |
OURGAME INTHOLDL-00005 and J+J SNACK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with OURGAME INTHOLDL-00005 and J+J SNACK
The main advantage of trading using opposite OURGAME INTHOLDL-00005 and J+J SNACK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if OURGAME INTHOLDL-00005 position performs unexpectedly, J+J SNACK 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 J+J SNACK will offset losses from the drop in J+J SNACK's long position.| OURGAME INTHOLDL-00005 vs. Sea Limited | OURGAME INTHOLDL-00005 vs. NEXON Co | OURGAME INTHOLDL-00005 vs. Take Two Interactive Software | OURGAME INTHOLDL-00005 vs. Bilibili |
| J+J SNACK vs. Applied Materials | J+J SNACK vs. FORMPIPE SOFTWARE AB | J+J SNACK vs. Sumitomo Rubber Industries | J+J SNACK vs. APPLIED MATERIALS |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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