Correlation Between Cisco Systems and JEFFERIES
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By analyzing existing cross correlation between Cisco Systems and JEFFERIES GROUP INC, you can compare the effects of market volatilities on Cisco Systems 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 Cisco Systems with a short position of JEFFERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cisco Systems and JEFFERIES.
Diversification Opportunities for Cisco Systems and JEFFERIES
-0.82 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cisco and JEFFERIES is -0.82. Overlapping area represents the amount of risk that can be diversified away by holding Cisco Systems and JEFFERIES GROUP INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JEFFERIES GROUP INC and Cisco Systems 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 Cisco Systems 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 INC has no effect on the direction of Cisco Systems i.e., Cisco Systems and JEFFERIES go up and down completely randomly.
Pair Corralation between Cisco Systems and JEFFERIES
Given the investment horizon of 90 days Cisco Systems is expected to generate 0.87 times more return on investment than JEFFERIES. However, Cisco Systems is 1.15 times less risky than JEFFERIES. It trades about 0.32 of its potential returns per unit of risk. JEFFERIES GROUP INC is currently generating about -0.07 per unit of risk. If you would invest 5,528 in Cisco Systems on August 28, 2024 and sell it today you would earn a total of 431.00 from holding Cisco Systems or generate 7.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 90.91% |
| Values | Daily Returns |
Cisco Systems vs. JEFFERIES GROUP INC
Performance |
| Timeline |
| Cisco Systems |
| JEFFERIES GROUP INC |
Cisco Systems and JEFFERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cisco Systems and JEFFERIES
The main advantage of trading using opposite Cisco Systems and JEFFERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cisco Systems 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.| Cisco Systems vs. Ichor Holdings | Cisco Systems vs. Fabrinet | Cisco Systems vs. Hello Group | Cisco Systems vs. Ultra Clean Holdings |
| JEFFERIES vs. Electrovaya Common Shares | JEFFERIES vs. Papaya Growth Opportunity | JEFFERIES vs. Air Lease | JEFFERIES vs. SBM Offshore NV |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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