Correlation Between Jabil Circuit and GBLATL
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By analyzing existing cross correlation between Jabil Circuit and GBLATL 1625 15 JAN 26, you can compare the effects of market volatilities on Jabil Circuit and GBLATL 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 GBLATL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jabil Circuit and GBLATL.
Diversification Opportunities for Jabil Circuit and GBLATL
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jabil and GBLATL is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Jabil Circuit and GBLATL 1625 15 JAN 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GBLATL 1625 15 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 GBLATL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GBLATL 1625 15 has no effect on the direction of Jabil Circuit i.e., Jabil Circuit and GBLATL go up and down completely randomly.
Pair Corralation between Jabil Circuit and GBLATL
Considering the 90-day investment horizon Jabil Circuit is expected to generate 2.01 times more return on investment than GBLATL. However, Jabil Circuit is 2.01 times more volatile than GBLATL 1625 15 JAN 26. It trades about 0.07 of its potential returns per unit of risk. GBLATL 1625 15 JAN 26 is currently generating about -0.05 per unit of risk. If you would invest 11,405 in Jabil Circuit on September 2, 2024 and sell it today you would earn a total of 2,178 from holding Jabil Circuit or generate 19.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 50.0% |
| Values | Daily Returns |
Jabil Circuit vs. GBLATL 1625 15 JAN 26
Performance |
| Timeline |
| Jabil Circuit |
| GBLATL 1625 15 |
Jabil Circuit and GBLATL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jabil Circuit and GBLATL
The main advantage of trading using opposite Jabil Circuit and GBLATL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jabil Circuit position performs unexpectedly, GBLATL 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 GBLATL will offset losses from the drop in GBLATL's long position.| Jabil Circuit vs. Sanmina | Jabil Circuit vs. Celestica | Jabil Circuit vs. Plexus Corp | Jabil Circuit vs. Fabrinet |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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