Correlation Between Jfrog and FLUOR
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By analyzing existing cross correlation between Jfrog and FLUOR P NEW, you can compare the effects of market volatilities on Jfrog and FLUOR 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 Jfrog with a short position of FLUOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jfrog and FLUOR.
Diversification Opportunities for Jfrog and FLUOR
Good diversification
The 3 months correlation between Jfrog and FLUOR is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Jfrog and FLUOR P NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FLUOR P NEW and Jfrog 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 Jfrog are associated (or correlated) with FLUOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FLUOR P NEW has no effect on the direction of Jfrog i.e., Jfrog and FLUOR go up and down completely randomly.
Pair Corralation between Jfrog and FLUOR
Given the investment horizon of 90 days Jfrog is expected to generate 1.26 times more return on investment than FLUOR. However, Jfrog is 1.26 times more volatile than FLUOR P NEW. It trades about 0.24 of its potential returns per unit of risk. FLUOR P NEW is currently generating about -0.18 per unit of risk. If you would invest 3,017 in Jfrog on October 24, 2024 and sell it today you would earn a total of 258.00 from holding Jfrog or generate 8.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
Jfrog vs. FLUOR P NEW
Performance |
| Timeline |
| Jfrog |
| FLUOR P NEW |
Jfrog and FLUOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jfrog and FLUOR
The main advantage of trading using opposite Jfrog and FLUOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jfrog position performs unexpectedly, FLUOR 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 FLUOR will offset losses from the drop in FLUOR's long position.The idea behind Jfrog and FLUOR P NEW pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| FLUOR vs. Boston Beer | FLUOR vs. Khiron Life Sciences | FLUOR vs. Energy and Environmental | FLUOR vs. Tianjin Capital Environmental |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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