Correlation Between Conifer Holdings, and Juniata Valley
Can any of the company-specific risk be diversified away by investing in both Conifer Holdings, and Juniata Valley 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 Conifer Holdings, and Juniata Valley into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Conifer Holdings, 975 and Juniata Valley Financial, you can compare the effects of market volatilities on Conifer Holdings, and Juniata Valley 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 Conifer Holdings, with a short position of Juniata Valley. Check out your portfolio center. Please also check ongoing floating volatility patterns of Conifer Holdings, and Juniata Valley.
Diversification Opportunities for Conifer Holdings, and Juniata Valley
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Conifer and Juniata is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Conifer Holdings, 975 and Juniata Valley Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juniata Valley Financial and Conifer Holdings, 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 Conifer Holdings, 975 are associated (or correlated) with Juniata Valley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juniata Valley Financial has no effect on the direction of Conifer Holdings, i.e., Conifer Holdings, and Juniata Valley go up and down completely randomly.
Pair Corralation between Conifer Holdings, and Juniata Valley
Assuming the 90 days horizon Conifer Holdings, 975 is expected to generate 2.72 times more return on investment than Juniata Valley. However, Conifer Holdings, is 2.72 times more volatile than Juniata Valley Financial. It trades about 0.07 of its potential returns per unit of risk. Juniata Valley Financial is currently generating about 0.02 per unit of risk. If you would invest 1,286 in Conifer Holdings, 975 on November 3, 2024 and sell it today you would earn a total of 847.00 from holding Conifer Holdings, 975 or generate 65.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 80.7% |
| Values | Daily Returns |
Conifer Holdings, 975 vs. Juniata Valley Financial
Performance |
| Timeline |
| Conifer Holdings, 975 |
| Juniata Valley Financial |
Conifer Holdings, and Juniata Valley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Conifer Holdings, and Juniata Valley
The main advantage of trading using opposite Conifer Holdings, and Juniata Valley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Conifer Holdings, position performs unexpectedly, Juniata Valley 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 Juniata Valley will offset losses from the drop in Juniata Valley's long position.| Conifer Holdings, vs. ZhongAn Online P | Conifer Holdings, vs. Integral Ad Science | Conifer Holdings, vs. Xunlei Ltd Adr | Conifer Holdings, vs. ANTA Sports Products |
| Juniata Valley vs. FNB Inc | Juniata Valley vs. Apollo Bancorp | Juniata Valley vs. Commercial National Financial | Juniata Valley vs. Eastern Michigan Financial |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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