Correlation Between SALTX TECHNOLOGY and Jupiter Fund
Can any of the company-specific risk be diversified away by investing in both SALTX TECHNOLOGY and Jupiter Fund 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 SALTX TECHNOLOGY and Jupiter Fund into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SALTX TECHNOLOGY HLDG and Jupiter Fund Management, you can compare the effects of market volatilities on SALTX TECHNOLOGY and Jupiter Fund 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 SALTX TECHNOLOGY with a short position of Jupiter Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of SALTX TECHNOLOGY and Jupiter Fund.
Diversification Opportunities for SALTX TECHNOLOGY and Jupiter Fund
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between SALTX and Jupiter is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding SALTX TECHNOLOGY HLDG and Jupiter Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jupiter Fund Management and SALTX TECHNOLOGY 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 SALTX TECHNOLOGY HLDG are associated (or correlated) with Jupiter Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jupiter Fund Management has no effect on the direction of SALTX TECHNOLOGY i.e., SALTX TECHNOLOGY and Jupiter Fund go up and down completely randomly.
Pair Corralation between SALTX TECHNOLOGY and Jupiter Fund
Assuming the 90 days horizon SALTX TECHNOLOGY HLDG is expected to generate 2.78 times more return on investment than Jupiter Fund. However, SALTX TECHNOLOGY is 2.78 times more volatile than Jupiter Fund Management. It trades about 0.01 of its potential returns per unit of risk. Jupiter Fund Management is currently generating about -0.01 per unit of risk. If you would invest 56.00 in SALTX TECHNOLOGY HLDG on September 28, 2024 and sell it today you would lose (28.00) from holding SALTX TECHNOLOGY HLDG or give up 50.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SALTX TECHNOLOGY HLDG vs. Jupiter Fund Management
Performance |
| Timeline |
| SALTX TECHNOLOGY HLDG |
| Jupiter Fund Management |
SALTX TECHNOLOGY and Jupiter Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SALTX TECHNOLOGY and Jupiter Fund
The main advantage of trading using opposite SALTX TECHNOLOGY and Jupiter Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SALTX TECHNOLOGY position performs unexpectedly, Jupiter Fund 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 Jupiter Fund will offset losses from the drop in Jupiter Fund's long position.| SALTX TECHNOLOGY vs. Jupiter Fund Management | SALTX TECHNOLOGY vs. Perdoceo Education | SALTX TECHNOLOGY vs. CSSC Offshore Marine | SALTX TECHNOLOGY vs. SIEM OFFSHORE NEW |
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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