Correlation Between Jabil Circuit and Intellicheck Mobilisa
Can any of the company-specific risk be diversified away by investing in both Jabil Circuit and Intellicheck Mobilisa 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 Jabil Circuit and Intellicheck Mobilisa into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jabil Circuit and Intellicheck Mobilisa, you can compare the effects of market volatilities on Jabil Circuit and Intellicheck Mobilisa 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 Jabil Circuit with a short position of Intellicheck Mobilisa. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jabil Circuit and Intellicheck Mobilisa.
Diversification Opportunities for Jabil Circuit and Intellicheck Mobilisa
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jabil and Intellicheck is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Jabil Circuit and Intellicheck Mobilisa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intellicheck Mobilisa and Jabil Circuit 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 Jabil Circuit are associated (or correlated) with Intellicheck Mobilisa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intellicheck Mobilisa has no effect on the direction of Jabil Circuit i.e., Jabil Circuit and Intellicheck Mobilisa go up and down completely randomly.
Pair Corralation between Jabil Circuit and Intellicheck Mobilisa
Considering the 90-day investment horizon Jabil Circuit is expected to generate 0.5 times more return on investment than Intellicheck Mobilisa. However, Jabil Circuit is 2.0 times less risky than Intellicheck Mobilisa. It trades about 0.18 of its potential returns per unit of risk. Intellicheck Mobilisa is currently generating about -0.01 per unit of risk. If you would invest 12,390 in Jabil Circuit on August 31, 2024 and sell it today you would earn a total of 943.00 from holding Jabil Circuit or generate 7.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jabil Circuit vs. Intellicheck Mobilisa
Performance |
| Timeline |
| Jabil Circuit |
| Intellicheck Mobilisa |
Jabil Circuit and Intellicheck Mobilisa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jabil Circuit and Intellicheck Mobilisa
The main advantage of trading using opposite Jabil Circuit and Intellicheck Mobilisa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jabil Circuit position performs unexpectedly, Intellicheck Mobilisa 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 Intellicheck Mobilisa will offset losses from the drop in Intellicheck Mobilisa's long position.| Jabil Circuit vs. Sanmina | Jabil Circuit vs. Celestica | Jabil Circuit vs. Plexus Corp | Jabil Circuit vs. Fabrinet |
| Intellicheck Mobilisa vs. Boardwalktech Software Corp | Intellicheck Mobilisa vs. Research Solutions | Intellicheck Mobilisa vs. OneSoft Solutions | Intellicheck Mobilisa vs. ON24 Inc |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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