Correlation Between ASE Industrial and JEFFERIES
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By analyzing existing cross correlation between ASE Industrial Holding and JEFFERIES GROUP LLC, you can compare the effects of market volatilities on ASE Industrial 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 ASE Industrial with a short position of JEFFERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASE Industrial and JEFFERIES.
Diversification Opportunities for ASE Industrial and JEFFERIES
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ASE and JEFFERIES is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding ASE Industrial Holding 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 ASE Industrial 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 ASE Industrial Holding 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 ASE Industrial i.e., ASE Industrial and JEFFERIES go up and down completely randomly.
Pair Corralation between ASE Industrial and JEFFERIES
Considering the 90-day investment horizon ASE Industrial Holding is expected to generate 1.27 times more return on investment than JEFFERIES. However, ASE Industrial is 1.27 times more volatile than JEFFERIES GROUP LLC. It trades about 0.05 of its potential returns per unit of risk. JEFFERIES GROUP LLC is currently generating about -0.19 per unit of risk. If you would invest 1,038 in ASE Industrial Holding on October 24, 2024 and sell it today you would earn a total of 14.00 from holding ASE Industrial Holding or generate 1.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
ASE Industrial Holding vs. JEFFERIES GROUP LLC
Performance |
| Timeline |
| ASE Industrial Holding |
| JEFFERIES GROUP LLC |
ASE Industrial and JEFFERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASE Industrial and JEFFERIES
The main advantage of trading using opposite ASE Industrial and JEFFERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASE Industrial 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.| ASE Industrial vs. United Microelectronics | ASE Industrial vs. Amkor Technology | ASE Industrial vs. Himax Technologies | ASE Industrial vs. Chunghwa Telecom Co |
| JEFFERIES vs. ASML Holding NV | JEFFERIES vs. Skyworks Solutions | JEFFERIES vs. Teradyne | JEFFERIES vs. Semtech |
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 Correlations module to find global opportunities by holding instruments from different markets.
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