Correlation Between JBDI Holdings and ZOOZ Power
Can any of the company-specific risk be diversified away by investing in both JBDI Holdings and ZOOZ Power 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 JBDI Holdings and ZOOZ Power into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JBDI Holdings Limited and ZOOZ Power Ltd, you can compare the effects of market volatilities on JBDI Holdings and ZOOZ Power 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 JBDI Holdings with a short position of ZOOZ Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of JBDI Holdings and ZOOZ Power.
Diversification Opportunities for JBDI Holdings and ZOOZ Power
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JBDI and ZOOZ is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding JBDI Holdings Limited and ZOOZ Power Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZOOZ Power and JBDI Holdings 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 JBDI Holdings Limited are associated (or correlated) with ZOOZ Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZOOZ Power has no effect on the direction of JBDI Holdings i.e., JBDI Holdings and ZOOZ Power go up and down completely randomly.
Pair Corralation between JBDI Holdings and ZOOZ Power
Given the investment horizon of 90 days JBDI Holdings Limited is expected to under-perform the ZOOZ Power. In addition to that, JBDI Holdings is 2.86 times more volatile than ZOOZ Power Ltd. It trades about -0.05 of its total potential returns per unit of risk. ZOOZ Power Ltd is currently generating about -0.04 per unit of volatility. If you would invest 410.00 in ZOOZ Power Ltd on November 3, 2024 and sell it today you would lose (185.00) from holding ZOOZ Power Ltd or give up 45.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 52.4% |
| Values | Daily Returns |
JBDI Holdings Limited vs. ZOOZ Power Ltd
Performance |
| Timeline |
| JBDI Holdings Limited |
| ZOOZ Power |
JBDI Holdings and ZOOZ Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JBDI Holdings and ZOOZ Power
The main advantage of trading using opposite JBDI Holdings and ZOOZ Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JBDI Holdings position performs unexpectedly, ZOOZ Power 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 ZOOZ Power will offset losses from the drop in ZOOZ Power's long position.| JBDI Holdings vs. Fitell Ordinary | JBDI Holdings vs. ZOOZ Power Ltd | JBDI Holdings vs. Yunhong Green CTI | JBDI Holdings vs. ZOOZ Power Ltd |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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