Correlation Between Golden Matrix and Jabil Circuit
Can any of the company-specific risk be diversified away by investing in both Golden Matrix and Jabil Circuit 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 Golden Matrix and Jabil Circuit into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Golden Matrix Group and Jabil Circuit, you can compare the effects of market volatilities on Golden Matrix and Jabil Circuit 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 Golden Matrix with a short position of Jabil Circuit. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Matrix and Jabil Circuit.
Diversification Opportunities for Golden Matrix and Jabil Circuit
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Golden and Jabil is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Golden Matrix Group and Jabil Circuit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jabil Circuit and Golden Matrix 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 Golden Matrix Group are associated (or correlated) with Jabil Circuit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jabil Circuit has no effect on the direction of Golden Matrix i.e., Golden Matrix and Jabil Circuit go up and down completely randomly.
Pair Corralation between Golden Matrix and Jabil Circuit
Given the investment horizon of 90 days Golden Matrix is expected to generate 7.71 times less return on investment than Jabil Circuit. In addition to that, Golden Matrix is 3.41 times more volatile than Jabil Circuit. It trades about 0.01 of its total potential returns per unit of risk. Jabil Circuit is currently generating about 0.17 per unit of volatility. If you would invest 12,471 in Jabil Circuit on August 28, 2024 and sell it today you would earn a total of 929.00 from holding Jabil Circuit or generate 7.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Golden Matrix Group vs. Jabil Circuit
Performance |
| Timeline |
| Golden Matrix Group |
| Jabil Circuit |
Golden Matrix and Jabil Circuit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Golden Matrix and Jabil Circuit
The main advantage of trading using opposite Golden Matrix and Jabil Circuit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Matrix position performs unexpectedly, Jabil Circuit 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 Jabil Circuit will offset losses from the drop in Jabil Circuit's long position.| Golden Matrix vs. AEye Inc | Golden Matrix vs. Arqit Quantum Warrants | Golden Matrix vs. Xos Equity Warrants |
| Jabil Circuit vs. Sanmina | Jabil Circuit vs. Celestica | Jabil Circuit vs. Plexus Corp | Jabil Circuit vs. Fabrinet |
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 CEOs Directory module to screen CEOs from public companies around the world.
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