Correlation Between International Business and JABHOL
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By analyzing existing cross correlation between International Business Machines and JABHOL 22 23 NOV 30, you can compare the effects of market volatilities on International Business and JABHOL 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 International Business with a short position of JABHOL. Check out your portfolio center. Please also check ongoing floating volatility patterns of International Business and JABHOL.
Diversification Opportunities for International Business and JABHOL
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between International and JABHOL is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding International Business Machine and JABHOL 22 23 NOV 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JABHOL 22 23 and International Business 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 International Business Machines are associated (or correlated) with JABHOL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JABHOL 22 23 has no effect on the direction of International Business i.e., International Business and JABHOL go up and down completely randomly.
Pair Corralation between International Business and JABHOL
Considering the 90-day investment horizon International Business is expected to generate 1.57 times less return on investment than JABHOL. In addition to that, International Business is 1.09 times more volatile than JABHOL 22 23 NOV 30. It trades about 0.08 of its total potential returns per unit of risk. JABHOL 22 23 NOV 30 is currently generating about 0.14 per unit of volatility. If you would invest 7,974 in JABHOL 22 23 NOV 30 on September 1, 2024 and sell it today you would earn a total of 389.00 from holding JABHOL 22 23 NOV 30 or generate 4.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 14.89% |
| Values | Daily Returns |
International Business Machine vs. JABHOL 22 23 NOV 30
Performance |
| Timeline |
| International Business |
| JABHOL 22 23 |
International Business and JABHOL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with International Business and JABHOL
The main advantage of trading using opposite International Business and JABHOL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if International Business position performs unexpectedly, JABHOL 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 JABHOL will offset losses from the drop in JABHOL's long position.| International Business vs. FiscalNote Holdings | International Business vs. Innodata | International Business vs. Aurora Innovation | International Business vs. Conduent |
| JABHOL vs. Mannatech Incorporated | JABHOL vs. Acco Brands | JABHOL vs. RBC Bearings Incorporated | JABHOL vs. Acme United |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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