Correlation Between COMSovereign Holding and JJill
Can any of the company-specific risk be diversified away by investing in both COMSovereign Holding and JJill 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 COMSovereign Holding and JJill into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between COMSovereign Holding Corp and JJill Inc, you can compare the effects of market volatilities on COMSovereign Holding and JJill 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 COMSovereign Holding with a short position of JJill. Check out your portfolio center. Please also check ongoing floating volatility patterns of COMSovereign Holding and JJill.
Diversification Opportunities for COMSovereign Holding and JJill
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between COMSovereign and JJill is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding COMSovereign Holding Corp and JJill Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JJill Inc and COMSovereign 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 COMSovereign Holding Corp are associated (or correlated) with JJill. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JJill Inc has no effect on the direction of COMSovereign Holding i.e., COMSovereign Holding and JJill go up and down completely randomly.
Pair Corralation between COMSovereign Holding and JJill
If you would invest 2,620 in JJill Inc on October 22, 2024 and sell it today you would earn a total of 109.00 from holding JJill Inc or generate 4.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
COMSovereign Holding Corp vs. JJill Inc
Performance |
| Timeline |
| COMSovereign Holding Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| JJill Inc |
COMSovereign Holding and JJill Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COMSovereign Holding and JJill
The main advantage of trading using opposite COMSovereign Holding and JJill positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COMSovereign Holding position performs unexpectedly, JJill 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 JJill will offset losses from the drop in JJill's long position.| COMSovereign Holding vs. Uber Technologies | COMSovereign Holding vs. East West Bancorp | COMSovereign Holding vs. Nasdaq Inc | COMSovereign Holding vs. Catalyst Bancorp |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |