Correlation Between Jfrog and MASSACHUSETTS
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By analyzing existing cross correlation between Jfrog and MASSACHUSETTS INST TECHNOLOGY, you can compare the effects of market volatilities on Jfrog and MASSACHUSETTS 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 MASSACHUSETTS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jfrog and MASSACHUSETTS.
Diversification Opportunities for Jfrog and MASSACHUSETTS
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jfrog and MASSACHUSETTS is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Jfrog and MASSACHUSETTS INST TECHNOLOGY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MASSACHUSETTS INST 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 MASSACHUSETTS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MASSACHUSETTS INST has no effect on the direction of Jfrog i.e., Jfrog and MASSACHUSETTS go up and down completely randomly.
Pair Corralation between Jfrog and MASSACHUSETTS
Given the investment horizon of 90 days Jfrog is expected to generate 6.01 times less return on investment than MASSACHUSETTS. But when comparing it to its historical volatility, Jfrog is 1.94 times less risky than MASSACHUSETTS. It trades about 0.03 of its potential returns per unit of risk. MASSACHUSETTS INST TECHNOLOGY is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 9,149 in MASSACHUSETTS INST TECHNOLOGY on October 9, 2024 and sell it today you would earn a total of 627.00 from holding MASSACHUSETTS INST TECHNOLOGY or generate 6.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Jfrog vs. MASSACHUSETTS INST TECHNOLOGY
Performance |
| Timeline |
| Jfrog |
| MASSACHUSETTS INST |
Jfrog and MASSACHUSETTS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jfrog and MASSACHUSETTS
The main advantage of trading using opposite Jfrog and MASSACHUSETTS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jfrog position performs unexpectedly, MASSACHUSETTS 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 MASSACHUSETTS will offset losses from the drop in MASSACHUSETTS's long position.The idea behind Jfrog and MASSACHUSETTS INST TECHNOLOGY 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.| MASSACHUSETTS vs. Air Lease | MASSACHUSETTS vs. First Ship Lease | MASSACHUSETTS vs. Lipocine | MASSACHUSETTS vs. Allient |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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