Correlation Between Jfrog and 58013MEU4
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By analyzing existing cross correlation between Jfrog and MCDONALDS P MEDIUM, you can compare the effects of market volatilities on Jfrog and 58013MEU4 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 58013MEU4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jfrog and 58013MEU4.
Diversification Opportunities for Jfrog and 58013MEU4
Significant diversification
The 3 months correlation between Jfrog and 58013MEU4 is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Jfrog and MCDONALDS P MEDIUM in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MCDONALDS P MEDIUM 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 58013MEU4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MCDONALDS P MEDIUM has no effect on the direction of Jfrog i.e., Jfrog and 58013MEU4 go up and down completely randomly.
Pair Corralation between Jfrog and 58013MEU4
Given the investment horizon of 90 days Jfrog is expected to generate 6.0 times more return on investment than 58013MEU4. However, Jfrog is 6.0 times more volatile than MCDONALDS P MEDIUM. It trades about 0.31 of its potential returns per unit of risk. MCDONALDS P MEDIUM is currently generating about -0.19 per unit of risk. If you would invest 3,017 in Jfrog on October 23, 2024 and sell it today you would earn a total of 375.00 from holding Jfrog or generate 12.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jfrog vs. MCDONALDS P MEDIUM
Performance |
| Timeline |
| Jfrog |
| MCDONALDS P MEDIUM |
Jfrog and 58013MEU4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jfrog and 58013MEU4
The main advantage of trading using opposite Jfrog and 58013MEU4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jfrog position performs unexpectedly, 58013MEU4 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 58013MEU4 will offset losses from the drop in 58013MEU4's long position.The idea behind Jfrog and MCDONALDS P MEDIUM 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.| 58013MEU4 vs. Ironveld Plc | 58013MEU4 vs. American Environmental | 58013MEU4 vs. Compass Diversified Holdings | 58013MEU4 vs. CECO Environmental Corp |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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