Correlation Between JBG SMITH and TransGlobe Energy
Can any of the company-specific risk be diversified away by investing in both JBG SMITH and TransGlobe Energy 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 JBG SMITH and TransGlobe Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JBG SMITH Properties and TransGlobe Energy, you can compare the effects of market volatilities on JBG SMITH and TransGlobe Energy 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 JBG SMITH with a short position of TransGlobe Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of JBG SMITH and TransGlobe Energy.
Diversification Opportunities for JBG SMITH and TransGlobe Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JBG and TransGlobe is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JBG SMITH Properties and TransGlobe Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TransGlobe Energy and JBG SMITH 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 JBG SMITH Properties are associated (or correlated) with TransGlobe Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TransGlobe Energy has no effect on the direction of JBG SMITH i.e., JBG SMITH and TransGlobe Energy go up and down completely randomly.
Pair Corralation between JBG SMITH and TransGlobe Energy
If you would invest 1,566 in JBG SMITH Properties on September 14, 2024 and sell it today you would earn a total of 59.00 from holding JBG SMITH Properties or generate 3.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
JBG SMITH Properties vs. TransGlobe Energy
Performance |
| Timeline |
| JBG SMITH Properties |
| TransGlobe Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
JBG SMITH and TransGlobe Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JBG SMITH and TransGlobe Energy
The main advantage of trading using opposite JBG SMITH and TransGlobe Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JBG SMITH position performs unexpectedly, TransGlobe Energy 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 TransGlobe Energy will offset losses from the drop in TransGlobe Energy's long position.| JBG SMITH vs. Cousins Properties Incorporated | JBG SMITH vs. Highwoods Properties | JBG SMITH vs. Douglas Emmett | JBG SMITH vs. Equity Commonwealth |
| TransGlobe Energy vs. Sandstorm Gold Ltd | TransGlobe Energy vs. JBG SMITH Properties | TransGlobe Energy vs. Weibo Corp | TransGlobe Energy vs. Jacobs 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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Global Correlations Find global opportunities by holding instruments from different markets |