Correlation Between Jacquet Metal and HANCOCK WHITNEY
Can any of the company-specific risk be diversified away by investing in both Jacquet Metal and HANCOCK WHITNEY 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 Jacquet Metal and HANCOCK WHITNEY into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jacquet Metal Service and HANCOCK WHITNEY SUNTS, you can compare the effects of market volatilities on Jacquet Metal and HANCOCK WHITNEY 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 Jacquet Metal with a short position of HANCOCK WHITNEY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jacquet Metal and HANCOCK WHITNEY.
Diversification Opportunities for Jacquet Metal and HANCOCK WHITNEY
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jacquet and HANCOCK is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Jacquet Metal Service and HANCOCK WHITNEY SUNTS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HANCOCK WHITNEY SUNTS and Jacquet Metal 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 Jacquet Metal Service are associated (or correlated) with HANCOCK WHITNEY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HANCOCK WHITNEY SUNTS has no effect on the direction of Jacquet Metal i.e., Jacquet Metal and HANCOCK WHITNEY go up and down completely randomly.
Pair Corralation between Jacquet Metal and HANCOCK WHITNEY
Assuming the 90 days horizon Jacquet Metal Service is expected to generate 0.6 times more return on investment than HANCOCK WHITNEY. However, Jacquet Metal Service is 1.66 times less risky than HANCOCK WHITNEY. It trades about 0.13 of its potential returns per unit of risk. HANCOCK WHITNEY SUNTS is currently generating about 0.0 per unit of risk. If you would invest 1,576 in Jacquet Metal Service on September 13, 2024 and sell it today you would earn a total of 66.00 from holding Jacquet Metal Service or generate 4.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
Jacquet Metal Service vs. HANCOCK WHITNEY SUNTS
Performance |
| Timeline |
| Jacquet Metal Service |
| HANCOCK WHITNEY SUNTS |
Jacquet Metal and HANCOCK WHITNEY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jacquet Metal and HANCOCK WHITNEY
The main advantage of trading using opposite Jacquet Metal and HANCOCK WHITNEY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jacquet Metal position performs unexpectedly, HANCOCK WHITNEY 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 HANCOCK WHITNEY will offset losses from the drop in HANCOCK WHITNEY's long position.| Jacquet Metal vs. ArcelorMittal | Jacquet Metal vs. NIPPON STEEL SPADR | Jacquet Metal vs. Reliance Steel Aluminum | Jacquet Metal vs. Superior Plus Corp |
| HANCOCK WHITNEY vs. STORE ELECTRONIC | HANCOCK WHITNEY vs. ATOSS SOFTWARE | HANCOCK WHITNEY vs. ELECTRONIC ARTS | HANCOCK WHITNEY vs. LPKF Laser Electronics |
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 Stocks Directory module to find actively traded stocks across global markets.
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