Correlation Between Jabil Circuit and Petrobras
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By analyzing existing cross correlation between Jabil Circuit and Petrobras 7375 percent, you can compare the effects of market volatilities on Jabil Circuit and Petrobras 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 Petrobras. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jabil Circuit and Petrobras.
Diversification Opportunities for Jabil Circuit and Petrobras
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jabil and Petrobras is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Jabil Circuit and Petrobras 7375 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Petrobras 7375 percent 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 Petrobras. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Petrobras 7375 percent has no effect on the direction of Jabil Circuit i.e., Jabil Circuit and Petrobras go up and down completely randomly.
Pair Corralation between Jabil Circuit and Petrobras
Considering the 90-day investment horizon Jabil Circuit is expected to generate 2.69 times more return on investment than Petrobras. However, Jabil Circuit is 2.69 times more volatile than Petrobras 7375 percent. It trades about 0.04 of its potential returns per unit of risk. Petrobras 7375 percent is currently generating about 0.01 per unit of risk. If you would invest 10,253 in Jabil Circuit on September 12, 2024 and sell it today you would earn a total of 3,022 from holding Jabil Circuit or generate 29.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.28% |
| Values | Daily Returns |
Jabil Circuit vs. Petrobras 7375 percent
Performance |
| Timeline |
| Jabil Circuit |
| Petrobras 7375 percent |
Jabil Circuit and Petrobras Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jabil Circuit and Petrobras
The main advantage of trading using opposite Jabil Circuit and Petrobras positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jabil Circuit position performs unexpectedly, Petrobras 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 Petrobras will offset losses from the drop in Petrobras' long position.| Jabil Circuit vs. Benchmark Electronics | Jabil Circuit vs. Flex | Jabil Circuit vs. Sanmina | Jabil Circuit vs. Bel Fuse A |
| Petrobras vs. Plexus Corp | Petrobras vs. Vishay Precision Group | Petrobras vs. Advanced Micro Devices | Petrobras vs. Jabil Circuit |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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