Correlation Between Avient Corp and JEFFERIES
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By analyzing existing cross correlation between Avient Corp and JEFFERIES GROUP LLC, you can compare the effects of market volatilities on Avient Corp 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 Avient Corp with a short position of JEFFERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Avient Corp and JEFFERIES.
Diversification Opportunities for Avient Corp and JEFFERIES
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Avient and JEFFERIES is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Avient Corp 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 Avient Corp 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 Avient Corp 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 Avient Corp i.e., Avient Corp and JEFFERIES go up and down completely randomly.
Pair Corralation between Avient Corp and JEFFERIES
Given the investment horizon of 90 days Avient Corp is expected to generate 0.89 times more return on investment than JEFFERIES. However, Avient Corp is 1.13 times less risky than JEFFERIES. It trades about 0.11 of its potential returns per unit of risk. JEFFERIES GROUP LLC is currently generating about -0.13 per unit of risk. If you would invest 4,100 in Avient Corp on October 22, 2024 and sell it today you would earn a total of 144.00 from holding Avient Corp or generate 3.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Avient Corp vs. JEFFERIES GROUP LLC
Performance |
| Timeline |
| Avient Corp |
| JEFFERIES GROUP LLC |
Avient Corp and JEFFERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Avient Corp and JEFFERIES
The main advantage of trading using opposite Avient Corp and JEFFERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Avient Corp 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.| Avient Corp vs. Axalta Coating Systems | Avient Corp vs. H B Fuller | Avient Corp vs. Quaker Chemical | Avient Corp vs. Cabot |
| JEFFERIES vs. X FAB Silicon Foundries | JEFFERIES vs. Olympic Steel | JEFFERIES vs. NL Industries | JEFFERIES vs. Avient Corp |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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