Correlation Between AGF GLOBAL and JPMorgan Nasdaq
Can any of the company-specific risk be diversified away by investing in both AGF GLOBAL and JPMorgan Nasdaq 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 AGF GLOBAL and JPMorgan Nasdaq into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGF GLOBAL OPPORTUNITIES and JPMorgan Nasdaq Equity, you can compare the effects of market volatilities on AGF GLOBAL and JPMorgan Nasdaq 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 AGF GLOBAL with a short position of JPMorgan Nasdaq. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGF GLOBAL and JPMorgan Nasdaq.
Diversification Opportunities for AGF GLOBAL and JPMorgan Nasdaq
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AGF and JPMorgan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AGF GLOBAL OPPORTUNITIES and JPMorgan Nasdaq Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPMorgan Nasdaq Equity and AGF GLOBAL 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 AGF GLOBAL OPPORTUNITIES are associated (or correlated) with JPMorgan Nasdaq. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JPMorgan Nasdaq Equity has no effect on the direction of AGF GLOBAL i.e., AGF GLOBAL and JPMorgan Nasdaq go up and down completely randomly.
Pair Corralation between AGF GLOBAL and JPMorgan Nasdaq
If you would invest 2,634 in JPMorgan Nasdaq Equity on August 30, 2024 and sell it today you would earn a total of 69.00 from holding JPMorgan Nasdaq Equity or generate 2.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
AGF GLOBAL OPPORTUNITIES vs. JPMorgan Nasdaq Equity
Performance |
| Timeline |
| AGF GLOBAL OPPORTUNITIES |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| JPMorgan Nasdaq Equity |
AGF GLOBAL and JPMorgan Nasdaq Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGF GLOBAL and JPMorgan Nasdaq
The main advantage of trading using opposite AGF GLOBAL and JPMorgan Nasdaq positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGF GLOBAL position performs unexpectedly, JPMorgan Nasdaq 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 JPMorgan Nasdaq will offset losses from the drop in JPMorgan Nasdaq's long position.| AGF GLOBAL vs. AGF Global Sustainable | AGF GLOBAL vs. NBI High Yield | AGF GLOBAL vs. NBI Unconstrained Fixed | AGF GLOBAL vs. Mackenzie Developed ex North |
| JPMorgan Nasdaq vs. JPMorgan Equity Premium | JPMorgan Nasdaq vs. NBI High Yield | JPMorgan Nasdaq vs. NBI Unconstrained Fixed | JPMorgan Nasdaq vs. Mackenzie Developed ex North |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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