Correlation Between JLF INVESTMENT and Eidesvik Offshore
Can any of the company-specific risk be diversified away by investing in both JLF INVESTMENT and Eidesvik Offshore 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 JLF INVESTMENT and Eidesvik Offshore into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JLF INVESTMENT and Eidesvik Offshore ASA, you can compare the effects of market volatilities on JLF INVESTMENT and Eidesvik Offshore 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 JLF INVESTMENT with a short position of Eidesvik Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of JLF INVESTMENT and Eidesvik Offshore.
Diversification Opportunities for JLF INVESTMENT and Eidesvik Offshore
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JLF and Eidesvik is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JLF INVESTMENT and Eidesvik Offshore ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eidesvik Offshore ASA and JLF INVESTMENT 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 JLF INVESTMENT are associated (or correlated) with Eidesvik Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eidesvik Offshore ASA has no effect on the direction of JLF INVESTMENT i.e., JLF INVESTMENT and Eidesvik Offshore go up and down completely randomly.
Pair Corralation between JLF INVESTMENT and Eidesvik Offshore
If you would invest 1.00 in JLF INVESTMENT on November 2, 2024 and sell it today you would earn a total of 0.00 from holding JLF INVESTMENT or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JLF INVESTMENT vs. Eidesvik Offshore ASA
Performance |
| Timeline |
| JLF INVESTMENT |
| Eidesvik Offshore ASA |
JLF INVESTMENT and Eidesvik Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JLF INVESTMENT and Eidesvik Offshore
The main advantage of trading using opposite JLF INVESTMENT and Eidesvik Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JLF INVESTMENT position performs unexpectedly, Eidesvik Offshore 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 Eidesvik Offshore will offset losses from the drop in Eidesvik Offshore's long position.| JLF INVESTMENT vs. China Eastern Airlines | JLF INVESTMENT vs. Chiba Bank | JLF INVESTMENT vs. CHIBA BANK | JLF INVESTMENT vs. UNIQA INSURANCE GR |
| Eidesvik Offshore vs. TITANIUM TRANSPORTGROUP | Eidesvik Offshore vs. Ultra Clean Holdings | Eidesvik Offshore vs. CarsalesCom | Eidesvik Offshore vs. MUTUIONLINE |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| CEOs Directory Screen CEOs from public companies around the world |