Correlation Between IZafe Group and JonDeTech Sensors
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By analyzing existing cross correlation between iZafe Group AB and JonDeTech Sensors, you can compare the effects of market volatilities on IZafe Group and JonDeTech Sensors 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 IZafe Group with a short position of JonDeTech Sensors. Check out your portfolio center. Please also check ongoing floating volatility patterns of IZafe Group and JonDeTech Sensors.
Diversification Opportunities for IZafe Group and JonDeTech Sensors
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between IZafe and JonDeTech is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding iZafe Group AB and JonDeTech Sensors in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JonDeTech Sensors and IZafe Group 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 iZafe Group AB are associated (or correlated) with JonDeTech Sensors. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JonDeTech Sensors has no effect on the direction of IZafe Group i.e., IZafe Group and JonDeTech Sensors go up and down completely randomly.
Pair Corralation between IZafe Group and JonDeTech Sensors
Assuming the 90 days trading horizon iZafe Group AB is expected to generate 1.48 times more return on investment than JonDeTech Sensors. However, IZafe Group is 1.48 times more volatile than JonDeTech Sensors. It trades about 0.1 of its potential returns per unit of risk. JonDeTech Sensors is currently generating about -0.24 per unit of risk. If you would invest 22.00 in iZafe Group AB on October 13, 2024 and sell it today you would earn a total of 1.00 from holding iZafe Group AB or generate 4.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 56.25% |
| Values | Daily Returns |
iZafe Group AB vs. JonDeTech Sensors
Performance |
| Timeline |
| iZafe Group AB |
| JonDeTech Sensors |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
IZafe Group and JonDeTech Sensors Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IZafe Group and JonDeTech Sensors
The main advantage of trading using opposite IZafe Group and JonDeTech Sensors positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IZafe Group position performs unexpectedly, JonDeTech Sensors 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 JonDeTech Sensors will offset losses from the drop in JonDeTech Sensors' long position.| IZafe Group vs. Sprint Bioscience AB | IZafe Group vs. Acarix AS | IZafe Group vs. Annexin Pharmaceuticals AB |
| JonDeTech Sensors vs. Ranplan Group | JonDeTech Sensors vs. Divio Technologies AB | JonDeTech Sensors vs. XMReality AB |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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