Correlation Between JPMIF Bond and Esfera Robotics
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By analyzing existing cross correlation between JPMIF Bond Fund and Esfera Robotics R, you can compare the effects of market volatilities on JPMIF Bond and Esfera Robotics 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 JPMIF Bond with a short position of Esfera Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMIF Bond and Esfera Robotics.
Diversification Opportunities for JPMIF Bond and Esfera Robotics
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between JPMIF and Esfera is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding JPMIF Bond Fund and Esfera Robotics R in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Esfera Robotics R and JPMIF Bond 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 JPMIF Bond Fund are associated (or correlated) with Esfera Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Esfera Robotics R has no effect on the direction of JPMIF Bond i.e., JPMIF Bond and Esfera Robotics go up and down completely randomly.
Pair Corralation between JPMIF Bond and Esfera Robotics
Assuming the 90 days trading horizon JPMIF Bond is expected to generate 2.35 times less return on investment than Esfera Robotics. But when comparing it to its historical volatility, JPMIF Bond Fund is 2.85 times less risky than Esfera Robotics. It trades about 0.13 of its potential returns per unit of risk. Esfera Robotics R is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 29,810 in Esfera Robotics R on September 1, 2024 and sell it today you would earn a total of 4,930 from holding Esfera Robotics R or generate 16.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
JPMIF Bond Fund vs. Esfera Robotics R
Performance |
| Timeline |
| JPMIF Bond Fund |
| Esfera Robotics R |
JPMIF Bond and Esfera Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMIF Bond and Esfera Robotics
The main advantage of trading using opposite JPMIF Bond and Esfera Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMIF Bond position performs unexpectedly, Esfera Robotics 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 Esfera Robotics will offset losses from the drop in Esfera Robotics' long position.| JPMIF Bond vs. Groupama Entreprises N | JPMIF Bond vs. Renaissance Europe C | JPMIF Bond vs. Superior Plus Corp | JPMIF Bond vs. Origin Agritech |
| Esfera Robotics vs. Superior Plus Corp | Esfera Robotics vs. Origin Agritech | Esfera Robotics vs. Identiv | Esfera Robotics vs. INTUITIVE SURGICAL |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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