Correlation Between BROADWIND ENRGY and JLF INVESTMENT
Can any of the company-specific risk be diversified away by investing in both BROADWIND ENRGY and JLF INVESTMENT 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 BROADWIND ENRGY and JLF INVESTMENT into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BROADWIND ENRGY and JLF INVESTMENT, you can compare the effects of market volatilities on BROADWIND ENRGY and JLF INVESTMENT 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 BROADWIND ENRGY with a short position of JLF INVESTMENT. Check out your portfolio center. Please also check ongoing floating volatility patterns of BROADWIND ENRGY and JLF INVESTMENT.
Diversification Opportunities for BROADWIND ENRGY and JLF INVESTMENT
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between BROADWIND and JLF is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BROADWIND ENRGY and JLF INVESTMENT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JLF INVESTMENT and BROADWIND ENRGY 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 BROADWIND ENRGY are associated (or correlated) with JLF INVESTMENT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JLF INVESTMENT has no effect on the direction of BROADWIND ENRGY i.e., BROADWIND ENRGY and JLF INVESTMENT go up and down completely randomly.
Pair Corralation between BROADWIND ENRGY and JLF INVESTMENT
If you would invest 171.00 in BROADWIND ENRGY on October 23, 2024 and sell it today you would earn a total of 20.00 from holding BROADWIND ENRGY or generate 11.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BROADWIND ENRGY vs. JLF INVESTMENT
Performance |
| Timeline |
| BROADWIND ENRGY |
| JLF INVESTMENT |
BROADWIND ENRGY and JLF INVESTMENT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BROADWIND ENRGY and JLF INVESTMENT
The main advantage of trading using opposite BROADWIND ENRGY and JLF INVESTMENT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BROADWIND ENRGY position performs unexpectedly, JLF INVESTMENT 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 JLF INVESTMENT will offset losses from the drop in JLF INVESTMENT's long position.| BROADWIND ENRGY vs. SEALED AIR | BROADWIND ENRGY vs. Alaska Air Group | BROADWIND ENRGY vs. Delta Air Lines | BROADWIND ENRGY vs. CarsalesCom |
| JLF INVESTMENT vs. HEALTHSTREAM | JLF INVESTMENT vs. PKSHA TECHNOLOGY INC | JLF INVESTMENT vs. WESANA HEALTH HOLD | JLF INVESTMENT vs. SMA Solar Technology |
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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