Correlation Between Eastinco Mining and JB Hunt
Can any of the company-specific risk be diversified away by investing in both Eastinco Mining and JB Hunt 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 Eastinco Mining and JB Hunt into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Eastinco Mining Exploration and JB Hunt Transport, you can compare the effects of market volatilities on Eastinco Mining and JB Hunt 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 Eastinco Mining with a short position of JB Hunt. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastinco Mining and JB Hunt.
Diversification Opportunities for Eastinco Mining and JB Hunt
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Eastinco and 0J71 is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Eastinco Mining Exploration and JB Hunt Transport in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JB Hunt Transport and Eastinco Mining 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 Eastinco Mining Exploration are associated (or correlated) with JB Hunt. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JB Hunt Transport has no effect on the direction of Eastinco Mining i.e., Eastinco Mining and JB Hunt go up and down completely randomly.
Pair Corralation between Eastinco Mining and JB Hunt
Assuming the 90 days trading horizon Eastinco Mining Exploration is expected to generate 1.71 times more return on investment than JB Hunt. However, Eastinco Mining is 1.71 times more volatile than JB Hunt Transport. It trades about 0.21 of its potential returns per unit of risk. JB Hunt Transport is currently generating about 0.06 per unit of risk. If you would invest 4,700 in Eastinco Mining Exploration on November 3, 2024 and sell it today you would earn a total of 700.00 from holding Eastinco Mining Exploration or generate 14.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastinco Mining Exploration vs. JB Hunt Transport
Performance |
| Timeline |
| Eastinco Mining Expl |
| JB Hunt Transport |
Eastinco Mining and JB Hunt Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastinco Mining and JB Hunt
The main advantage of trading using opposite Eastinco Mining and JB Hunt positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastinco Mining position performs unexpectedly, JB Hunt 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 JB Hunt will offset losses from the drop in JB Hunt's long position.| Eastinco Mining vs. Datagroup SE | Eastinco Mining vs. Telecom Italia SpA | Eastinco Mining vs. Zoom Video Communications | Eastinco Mining vs. Verizon Communications |
| JB Hunt vs. Hecla Mining Co | JB Hunt vs. Thor Mining PLC | JB Hunt vs. Fortuna Silver Mines | JB Hunt vs. Silver Bullet Data |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |