Correlation Between Elfun Trusts and JEFFERIES
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By analyzing existing cross correlation between Elfun Trusts Elfun and JEFFERIES GROUP INC, you can compare the effects of market volatilities on Elfun Trusts 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 Elfun Trusts with a short position of JEFFERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elfun Trusts and JEFFERIES.
Diversification Opportunities for Elfun Trusts and JEFFERIES
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Elfun and JEFFERIES is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Elfun Trusts Elfun 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 Elfun Trusts 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 Elfun Trusts Elfun 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 Elfun Trusts i.e., Elfun Trusts and JEFFERIES go up and down completely randomly.
Pair Corralation between Elfun Trusts and JEFFERIES
Assuming the 90 days horizon Elfun Trusts Elfun is expected to generate 0.65 times more return on investment than JEFFERIES. However, Elfun Trusts Elfun is 1.55 times less risky than JEFFERIES. It trades about 0.13 of its potential returns per unit of risk. JEFFERIES GROUP INC is currently generating about 0.0 per unit of risk. If you would invest 7,593 in Elfun Trusts Elfun on September 12, 2024 and sell it today you would earn a total of 2,466 from holding Elfun Trusts Elfun or generate 32.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 72.58% |
| Values | Daily Returns |
Elfun Trusts Elfun vs. JEFFERIES GROUP INC
Performance |
| Timeline |
| Elfun Trusts Elfun |
| JEFFERIES GROUP INC |
Elfun Trusts and JEFFERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elfun Trusts and JEFFERIES
The main advantage of trading using opposite Elfun Trusts and JEFFERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elfun Trusts 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.| Elfun Trusts vs. Elfun Government Money | Elfun Trusts vs. Elfun International Equity | Elfun Trusts vs. Elfun Income Fund | Elfun Trusts vs. Elfun Diversified Fund |
| JEFFERIES vs. RBC Bearings Incorporated | JEFFERIES vs. Ambev SA ADR | JEFFERIES vs. Nyxoah | JEFFERIES vs. Keurig Dr Pepper |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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