Correlation Between Jamf Holding and Thinkific Labs
Can any of the company-specific risk be diversified away by investing in both Jamf Holding and Thinkific Labs 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 Jamf Holding and Thinkific Labs into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jamf Holding and Thinkific Labs, you can compare the effects of market volatilities on Jamf Holding and Thinkific Labs 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 Jamf Holding with a short position of Thinkific Labs. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jamf Holding and Thinkific Labs.
Diversification Opportunities for Jamf Holding and Thinkific Labs
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jamf and Thinkific is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Jamf Holding and Thinkific Labs in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkific Labs and Jamf Holding 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 Jamf Holding are associated (or correlated) with Thinkific Labs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkific Labs has no effect on the direction of Jamf Holding i.e., Jamf Holding and Thinkific Labs go up and down completely randomly.
Pair Corralation between Jamf Holding and Thinkific Labs
Given the investment horizon of 90 days Jamf Holding is expected to under-perform the Thinkific Labs. In addition to that, Jamf Holding is 1.95 times more volatile than Thinkific Labs. It trades about -0.01 of its total potential returns per unit of risk. Thinkific Labs is currently generating about 0.15 per unit of volatility. If you would invest 212.00 in Thinkific Labs on September 13, 2024 and sell it today you would earn a total of 9.00 from holding Thinkific Labs or generate 4.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Jamf Holding vs. Thinkific Labs
Performance |
| Timeline |
| Jamf Holding |
| Thinkific Labs |
Jamf Holding and Thinkific Labs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jamf Holding and Thinkific Labs
The main advantage of trading using opposite Jamf Holding and Thinkific Labs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jamf Holding position performs unexpectedly, Thinkific Labs 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 Thinkific Labs will offset losses from the drop in Thinkific Labs' long position.| Jamf Holding vs. Paycor HCM | Jamf Holding vs. Enfusion | Jamf Holding vs. E2open Parent Holdings | Jamf Holding vs. Pegasystems |
| Thinkific Labs vs. Mojo Data Solutions | Thinkific Labs vs. Obocon Inc | Thinkific Labs vs. UBI Blockchain Internet | Thinkific Labs vs. Generative AI Solutions |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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