Correlation Between Elcom International and Jfrog
Can any of the company-specific risk be diversified away by investing in both Elcom International and Jfrog 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 Elcom International and Jfrog into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Elcom International and Jfrog, you can compare the effects of market volatilities on Elcom International and Jfrog 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 Elcom International with a short position of Jfrog. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elcom International and Jfrog.
Diversification Opportunities for Elcom International and Jfrog
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Elcom and Jfrog is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Elcom International and Jfrog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jfrog and Elcom International 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 Elcom International are associated (or correlated) with Jfrog. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jfrog has no effect on the direction of Elcom International i.e., Elcom International and Jfrog go up and down completely randomly.
Pair Corralation between Elcom International and Jfrog
If you would invest 2,300 in Jfrog on November 19, 2024 and sell it today you would earn a total of 1,680 from holding Jfrog or generate 73.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Elcom International vs. Jfrog
Performance |
| Timeline |
| Elcom International |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Jfrog |
Elcom International and Jfrog Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elcom International and Jfrog
The main advantage of trading using opposite Elcom International and Jfrog positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elcom International position performs unexpectedly, Jfrog 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 Jfrog will offset losses from the drop in Jfrog's long position.| Elcom International vs. NuGene International | Elcom International vs. Zoom Video Communications | Elcom International vs. Bowmo Inc | Elcom International vs. Epazz Inc |
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.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |