Correlation Between GFPT Public and Jay Mart

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both GFPT Public and Jay Mart 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 GFPT Public and Jay Mart into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GFPT Public and Jay Mart Public, you can compare the effects of market volatilities on GFPT Public and Jay Mart 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 GFPT Public with a short position of Jay Mart. Check out your portfolio center. Please also check ongoing floating volatility patterns of GFPT Public and Jay Mart.

Diversification Opportunities for GFPT Public and Jay Mart

0.07
  Correlation Coefficient

Significant diversification

The 3 months correlation between GFPT and Jay is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding GFPT Public and Jay Mart Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jay Mart Public and GFPT Public 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 GFPT Public are associated (or correlated) with Jay Mart. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jay Mart Public has no effect on the direction of GFPT Public i.e., GFPT Public and Jay Mart go up and down completely randomly.

Pair Corralation between GFPT Public and Jay Mart

Assuming the 90 days trading horizon GFPT Public is expected to generate 0.37 times more return on investment than Jay Mart. However, GFPT Public is 2.73 times less risky than Jay Mart. It trades about -0.02 of its potential returns per unit of risk. Jay Mart Public is currently generating about -0.16 per unit of risk. If you would invest  1,070  in GFPT Public on September 14, 2024 and sell it today you would lose (10.00) from holding GFPT Public or give up 0.93% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

GFPT Public  vs.  Jay Mart Public

 Performance 
       Timeline  
GFPT Public 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days GFPT Public has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest conflicting performance, the Stock's forward-looking signals remain persistent and the latest mess on Wall Street may also be a sign of long-standing gains for the company institutional investors.
Jay Mart Public 

Risk-Adjusted Performance

8 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Jay Mart Public are ranked lower than 8 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak basic indicators, Jay Mart reported solid returns over the last few months and may actually be approaching a breakup point.

GFPT Public and Jay Mart Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with GFPT Public and Jay Mart

The main advantage of trading using opposite GFPT Public and Jay Mart positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GFPT Public position performs unexpectedly, Jay Mart 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 Jay Mart will offset losses from the drop in Jay Mart's long position.
GFPT Public vs. Charoen Pokphand Foods
GFPT Public vs. Hana Microelectronics Public
GFPT Public vs. AP Public
GFPT Public vs. Thai Vegetable Oil
The idea behind GFPT Public and Jay Mart Public 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.
Jay Mart vs. Jay Mart Public
Jay Mart vs. Krungthai Card Public
Jay Mart vs. Kasikornbank Public
Jay Mart vs. KERRY EXPRESS
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.

Other Complementary Tools

FinTech Suite
Use AI to screen and filter profitable investment opportunities
Cryptocurrency Center
Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency
Equity Forecasting
Use basic forecasting models to generate price predictions and determine price momentum
Efficient Frontier
Plot and analyze your portfolio and positions against risk-return landscape of the market.
Alpha Finder
Use alpha and beta coefficients to find investment opportunities after accounting for the risk


 
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2024 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY