Correlation Between ASML Holding and JEFFERIES
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By analyzing existing cross correlation between ASML Holding NV and JEFFERIES GROUP LLC, you can compare the effects of market volatilities on ASML Holding and JEFFERIES 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 ASML Holding with a short position of JEFFERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASML Holding and JEFFERIES.
Diversification Opportunities for ASML Holding and JEFFERIES
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ASML and JEFFERIES is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding ASML Holding NV and JEFFERIES GROUP LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JEFFERIES GROUP LLC and ASML Holding 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 ASML Holding NV are associated (or correlated) with JEFFERIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JEFFERIES GROUP LLC has no effect on the direction of ASML Holding i.e., ASML Holding and JEFFERIES go up and down completely randomly.
Pair Corralation between ASML Holding and JEFFERIES
Given the investment horizon of 90 days ASML Holding NV is expected to generate 3.06 times more return on investment than JEFFERIES. However, ASML Holding is 3.06 times more volatile than JEFFERIES GROUP LLC. It trades about 0.1 of its potential returns per unit of risk. JEFFERIES GROUP LLC is currently generating about 0.12 per unit of risk. If you would invest 70,042 in ASML Holding NV on November 3, 2024 and sell it today you would earn a total of 3,889 from holding ASML Holding NV or generate 5.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
ASML Holding NV vs. JEFFERIES GROUP LLC
Performance |
| Timeline |
| ASML Holding NV |
| JEFFERIES GROUP LLC |
ASML Holding and JEFFERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASML Holding and JEFFERIES
The main advantage of trading using opposite ASML Holding and JEFFERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASML Holding position performs unexpectedly, JEFFERIES 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 JEFFERIES will offset losses from the drop in JEFFERIES's long position.| ASML Holding vs. Applied Materials | ASML Holding vs. KLA Tencor | ASML Holding vs. Axcelis Technologies | ASML Holding vs. Teradyne |
| JEFFERIES vs. Pentair PLC | JEFFERIES vs. Molecular Partners AG | JEFFERIES vs. Air Lease | JEFFERIES vs. Western Digital |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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