Correlation Between JD SPORTS and Banco Santander
Specify exactly 2 symbols:
By analyzing existing cross correlation between JD SPORTS FASH and Banco Santander SA, you can compare the effects of market volatilities on JD SPORTS and Banco Santander 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 JD SPORTS with a short position of Banco Santander. Check out your portfolio center. Please also check ongoing floating volatility patterns of JD SPORTS and Banco Santander.
Diversification Opportunities for JD SPORTS and Banco Santander
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between 9JD and Banco is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding JD SPORTS FASH and Banco Santander SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Banco Santander SA and JD SPORTS 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 JD SPORTS FASH are associated (or correlated) with Banco Santander. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Banco Santander SA has no effect on the direction of JD SPORTS i.e., JD SPORTS and Banco Santander go up and down completely randomly.
Pair Corralation between JD SPORTS and Banco Santander
Assuming the 90 days horizon JD SPORTS FASH is expected to under-perform the Banco Santander. But the stock apears to be less risky and, when comparing its historical volatility, JD SPORTS FASH is 1.2 times less risky than Banco Santander. The stock trades about -0.39 of its potential returns per unit of risk. The Banco Santander SA is currently generating about -0.08 of returns per unit of risk over similar time horizon. If you would invest 465.00 in Banco Santander SA on October 9, 2024 and sell it today you would lose (11.00) from holding Banco Santander SA or give up 2.37% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JD SPORTS FASH vs. Banco Santander SA
Performance |
| Timeline |
| JD SPORTS FASH |
| Banco Santander SA |
JD SPORTS and Banco Santander Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JD SPORTS and Banco Santander
The main advantage of trading using opposite JD SPORTS and Banco Santander positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JD SPORTS position performs unexpectedly, Banco Santander 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 Banco Santander will offset losses from the drop in Banco Santander's long position.| JD SPORTS vs. Superior Plus Corp | JD SPORTS vs. NMI Holdings | JD SPORTS vs. SIVERS SEMICONDUCTORS AB | JD SPORTS vs. Talanx AG |
| Banco Santander vs. Easy Software AG | Banco Santander vs. UmweltBank AG | Banco Santander vs. Erste Group Bank | Banco Santander vs. Sunny Optical 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |