Correlation Between JD Sports and BIOGEN
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By analyzing existing cross correlation between JD Sports Fashion and BIOGEN INC 52, you can compare the effects of market volatilities on JD Sports and BIOGEN 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 JD Sports with a short position of BIOGEN. Check out your portfolio center. Please also check ongoing floating volatility patterns of JD Sports and BIOGEN.
Diversification Opportunities for JD Sports and BIOGEN
Excellent diversification
The 3 months correlation between JDDSF and BIOGEN is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding JD Sports Fashion and BIOGEN INC 52 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BIOGEN INC 52 and JD Sports 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 JD Sports Fashion are associated (or correlated) with BIOGEN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BIOGEN INC 52 has no effect on the direction of JD Sports i.e., JD Sports and BIOGEN go up and down completely randomly.
Pair Corralation between JD Sports and BIOGEN
Assuming the 90 days horizon JD Sports Fashion is expected to under-perform the BIOGEN. In addition to that, JD Sports is 1.21 times more volatile than BIOGEN INC 52. It trades about -0.21 of its total potential returns per unit of risk. BIOGEN INC 52 is currently generating about -0.16 per unit of volatility. If you would invest 9,339 in BIOGEN INC 52 on August 25, 2024 and sell it today you would lose (925.00) from holding BIOGEN INC 52 or give up 9.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
JD Sports Fashion vs. BIOGEN INC 52
Performance |
| Timeline |
| JD Sports Fashion |
| BIOGEN INC 52 |
JD Sports and BIOGEN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JD Sports and BIOGEN
The main advantage of trading using opposite JD Sports and BIOGEN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JD Sports position performs unexpectedly, BIOGEN 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 BIOGEN will offset losses from the drop in BIOGEN's long position.| JD Sports vs. Burlington Stores | JD Sports vs. Childrens Place | JD Sports vs. Buckle Inc | JD Sports vs. Shoe Carnival |
| BIOGEN vs. Hooker Furniture | BIOGEN vs. Stepan Company | BIOGEN vs. JD Sports Fashion | BIOGEN vs. TFI International |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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