Correlation Between Jupiter Fund and XTANT MEDICAL
Can any of the company-specific risk be diversified away by investing in both Jupiter Fund and XTANT MEDICAL 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 Jupiter Fund and XTANT MEDICAL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jupiter Fund Management and XTANT MEDICAL HLDGS, you can compare the effects of market volatilities on Jupiter Fund and XTANT MEDICAL 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 Jupiter Fund with a short position of XTANT MEDICAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jupiter Fund and XTANT MEDICAL.
Diversification Opportunities for Jupiter Fund and XTANT MEDICAL
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jupiter and XTANT is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Jupiter Fund Management and XTANT MEDICAL HLDGS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on XTANT MEDICAL HLDGS and Jupiter Fund 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 Jupiter Fund Management are associated (or correlated) with XTANT MEDICAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XTANT MEDICAL HLDGS has no effect on the direction of Jupiter Fund i.e., Jupiter Fund and XTANT MEDICAL go up and down completely randomly.
Pair Corralation between Jupiter Fund and XTANT MEDICAL
Assuming the 90 days horizon Jupiter Fund Management is expected to under-perform the XTANT MEDICAL. But the stock apears to be less risky and, when comparing its historical volatility, Jupiter Fund Management is 1.51 times less risky than XTANT MEDICAL. The stock trades about -0.11 of its potential returns per unit of risk. The XTANT MEDICAL HLDGS is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 48.00 in XTANT MEDICAL HLDGS on November 6, 2024 and sell it today you would earn a total of 2.00 from holding XTANT MEDICAL HLDGS or generate 4.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Jupiter Fund Management vs. XTANT MEDICAL HLDGS
Performance |
| Timeline |
| Jupiter Fund Management |
| XTANT MEDICAL HLDGS |
Jupiter Fund and XTANT MEDICAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jupiter Fund and XTANT MEDICAL
The main advantage of trading using opposite Jupiter Fund and XTANT MEDICAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jupiter Fund position performs unexpectedly, XTANT MEDICAL 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 XTANT MEDICAL will offset losses from the drop in XTANT MEDICAL's long position.| Jupiter Fund vs. Keck Seng Investments | Jupiter Fund vs. JLF INVESTMENT | Jupiter Fund vs. DIVERSIFIED ROYALTY | Jupiter Fund vs. MGIC INVESTMENT |
| XTANT MEDICAL vs. WT OFFSHORE | XTANT MEDICAL vs. Brockhaus Capital Management | XTANT MEDICAL vs. SIEM OFFSHORE NEW | XTANT MEDICAL vs. Acadia Healthcare |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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