Correlation Between JAN Old and Agilyx AS
Can any of the company-specific risk be diversified away by investing in both JAN Old and Agilyx AS 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 JAN Old and Agilyx AS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JAN Old and Agilyx AS, you can compare the effects of market volatilities on JAN Old and Agilyx AS 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 JAN Old with a short position of Agilyx AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of JAN Old and Agilyx AS.
Diversification Opportunities for JAN Old and Agilyx AS
Pay attention - limited upside
The 3 months correlation between JAN and Agilyx is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JAN Old and Agilyx AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilyx AS and JAN Old 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 JAN Old are associated (or correlated) with Agilyx AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilyx AS has no effect on the direction of JAN Old i.e., JAN Old and Agilyx AS go up and down completely randomly.
Pair Corralation between JAN Old and Agilyx AS
Considering the 90-day investment horizon JAN Old is expected to generate 5.81 times more return on investment than Agilyx AS. However, JAN Old is 5.81 times more volatile than Agilyx AS. It trades about 0.05 of its potential returns per unit of risk. Agilyx AS is currently generating about 0.04 per unit of risk. If you would invest 60.00 in JAN Old on November 3, 2024 and sell it today you would lose (60.00) from holding JAN Old or give up 100.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 43.95% |
| Values | Daily Returns |
JAN Old vs. Agilyx AS
Performance |
| Timeline |
| JAN Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Agilyx AS |
JAN Old and Agilyx AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JAN Old and Agilyx AS
The main advantage of trading using opposite JAN Old and Agilyx AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JAN Old position performs unexpectedly, Agilyx AS 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 Agilyx AS will offset losses from the drop in Agilyx AS's long position.| JAN Old vs. Avalon Holdings | JAN Old vs. LanzaTech Global | JAN Old vs. Ambipar Emergency Response | JAN Old vs. Houston Natural Resources |
| Agilyx AS vs. Mongolia Growth Group | Agilyx AS vs. Pulse Seismic | Agilyx AS vs. IBC Advanced Alloys | Agilyx AS vs. Ag Growth International |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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