Correlation Between JE Cleantech and Nuburu
Can any of the company-specific risk be diversified away by investing in both JE Cleantech and Nuburu 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 JE Cleantech and Nuburu into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JE Cleantech Holdings and Nuburu Inc, you can compare the effects of market volatilities on JE Cleantech and Nuburu 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 JE Cleantech with a short position of Nuburu. Check out your portfolio center. Please also check ongoing floating volatility patterns of JE Cleantech and Nuburu.
Diversification Opportunities for JE Cleantech and Nuburu
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JCSE and Nuburu is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JE Cleantech Holdings and Nuburu Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nuburu Inc and JE Cleantech 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 JE Cleantech Holdings are associated (or correlated) with Nuburu. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nuburu Inc has no effect on the direction of JE Cleantech i.e., JE Cleantech and Nuburu go up and down completely randomly.
Pair Corralation between JE Cleantech and Nuburu
Given the investment horizon of 90 days JE Cleantech Holdings is expected to generate 0.64 times more return on investment than Nuburu. However, JE Cleantech Holdings is 1.57 times less risky than Nuburu. It trades about 0.07 of its potential returns per unit of risk. Nuburu Inc is currently generating about -0.01 per unit of risk. If you would invest 64.00 in JE Cleantech Holdings on August 28, 2024 and sell it today you would earn a total of 48.00 from holding JE Cleantech Holdings or generate 75.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.52% |
| Values | Daily Returns |
JE Cleantech Holdings vs. Nuburu Inc
Performance |
| Timeline |
| JE Cleantech Holdings |
| Nuburu Inc |
JE Cleantech and Nuburu Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JE Cleantech and Nuburu
The main advantage of trading using opposite JE Cleantech and Nuburu positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JE Cleantech position performs unexpectedly, Nuburu 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 Nuburu will offset losses from the drop in Nuburu's long position.| JE Cleantech vs. Aquagold International | JE Cleantech vs. Morningstar Unconstrained Allocation | JE Cleantech vs. High Yield Municipal Fund | JE Cleantech vs. Thrivent High Yield |
| Nuburu vs. Laser Photonics | Nuburu vs. JE Cleantech Holdings | Nuburu vs. Reelcause | Nuburu vs. Shapeways Holdings, Common |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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