Correlation Between Jeld Wen and GENERAL
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By analyzing existing cross correlation between Jeld Wen Holding and GENERAL DYNAMICS PORATION, you can compare the effects of market volatilities on Jeld Wen and GENERAL 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 Jeld Wen with a short position of GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jeld Wen and GENERAL.
Diversification Opportunities for Jeld Wen and GENERAL
Very weak diversification
The 3 months correlation between Jeld and GENERAL is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Jeld Wen Holding and GENERAL DYNAMICS PORATION in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL DYNAMICS PORATION and Jeld Wen 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 Jeld Wen Holding are associated (or correlated) with GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL DYNAMICS PORATION has no effect on the direction of Jeld Wen i.e., Jeld Wen and GENERAL go up and down completely randomly.
Pair Corralation between Jeld Wen and GENERAL
Given the investment horizon of 90 days Jeld Wen Holding is expected to under-perform the GENERAL. In addition to that, Jeld Wen is 9.79 times more volatile than GENERAL DYNAMICS PORATION. It trades about -0.12 of its total potential returns per unit of risk. GENERAL DYNAMICS PORATION is currently generating about -0.21 per unit of volatility. If you would invest 9,786 in GENERAL DYNAMICS PORATION on September 3, 2024 and sell it today you would lose (311.00) from holding GENERAL DYNAMICS PORATION or give up 3.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.0% |
| Values | Daily Returns |
Jeld Wen Holding vs. GENERAL DYNAMICS PORATION
Performance |
| Timeline |
| Jeld Wen Holding |
| GENERAL DYNAMICS PORATION |
Jeld Wen and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jeld Wen and GENERAL
The main advantage of trading using opposite Jeld Wen and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jeld Wen position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Jeld Wen vs. Gibraltar Industries | Jeld Wen vs. Quanex Building Products | Jeld Wen vs. Perma Pipe International Holdings | Jeld Wen vs. Interface |
| GENERAL vs. The Travelers Companies | GENERAL vs. GE Aerospace | GENERAL vs. Walmart | GENERAL vs. Pfizer 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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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