Correlation Between Jeffs Brands and Onfolio Holdings
Can any of the company-specific risk be diversified away by investing in both Jeffs Brands and Onfolio Holdings 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 Jeffs Brands and Onfolio Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jeffs Brands and Onfolio Holdings Warrant, you can compare the effects of market volatilities on Jeffs Brands and Onfolio Holdings 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 Jeffs Brands with a short position of Onfolio Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jeffs Brands and Onfolio Holdings.
Diversification Opportunities for Jeffs Brands and Onfolio Holdings
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jeffs and Onfolio is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Jeffs Brands and Onfolio Holdings Warrant in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Onfolio Holdings Warrant and Jeffs Brands 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 Jeffs Brands are associated (or correlated) with Onfolio Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Onfolio Holdings Warrant has no effect on the direction of Jeffs Brands i.e., Jeffs Brands and Onfolio Holdings go up and down completely randomly.
Pair Corralation between Jeffs Brands and Onfolio Holdings
Assuming the 90 days horizon Jeffs Brands is expected to generate 2.09 times more return on investment than Onfolio Holdings. However, Jeffs Brands is 2.09 times more volatile than Onfolio Holdings Warrant. It trades about 0.06 of its potential returns per unit of risk. Onfolio Holdings Warrant is currently generating about 0.0 per unit of risk. If you would invest 4.99 in Jeffs Brands on August 30, 2024 and sell it today you would lose (0.99) from holding Jeffs Brands or give up 19.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 73.33% |
| Values | Daily Returns |
Jeffs Brands vs. Onfolio Holdings Warrant
Performance |
| Timeline |
| Jeffs Brands |
| Onfolio Holdings Warrant |
Jeffs Brands and Onfolio Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jeffs Brands and Onfolio Holdings
The main advantage of trading using opposite Jeffs Brands and Onfolio Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jeffs Brands position performs unexpectedly, Onfolio Holdings 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 Onfolio Holdings will offset losses from the drop in Onfolio Holdings' long position.| Jeffs Brands vs. Jeffs Brands | Jeffs Brands vs. Sharps Technology Warrant | Jeffs Brands vs. bioAffinity Technologies Warrant | Jeffs Brands vs. Nocera Inc |
| Onfolio Holdings vs. Onfolio Holdings | Onfolio Holdings vs. Jeffs Brands | Onfolio Holdings vs. SoundHound AI | Onfolio Holdings vs. Thayer Ventures Acquisition |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |