Correlation Between Jupiter Green and Comerica
Can any of the company-specific risk be diversified away by investing in both Jupiter Green and Comerica 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 Jupiter Green and Comerica into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jupiter Green Investment and Comerica, you can compare the effects of market volatilities on Jupiter Green and Comerica 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 Jupiter Green with a short position of Comerica. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jupiter Green and Comerica.
Diversification Opportunities for Jupiter Green and Comerica
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jupiter and Comerica is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Jupiter Green Investment and Comerica in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Comerica and Jupiter Green 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 Jupiter Green Investment are associated (or correlated) with Comerica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Comerica has no effect on the direction of Jupiter Green i.e., Jupiter Green and Comerica go up and down completely randomly.
Pair Corralation between Jupiter Green and Comerica
Assuming the 90 days trading horizon Jupiter Green is expected to generate 2.44 times less return on investment than Comerica. But when comparing it to its historical volatility, Jupiter Green Investment is 4.6 times less risky than Comerica. It trades about 0.45 of its potential returns per unit of risk. Comerica is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 6,153 in Comerica on October 24, 2024 and sell it today you would earn a total of 528.00 from holding Comerica or generate 8.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 84.21% |
| Values | Daily Returns |
Jupiter Green Investment vs. Comerica
Performance |
| Timeline |
| Jupiter Green Investment |
| Comerica |
Jupiter Green and Comerica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jupiter Green and Comerica
The main advantage of trading using opposite Jupiter Green and Comerica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jupiter Green position performs unexpectedly, Comerica 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 Comerica will offset losses from the drop in Comerica's long position.| Jupiter Green vs. Infineon Technologies AG | Jupiter Green vs. Xeros Technology Group | Jupiter Green vs. BW Offshore | Jupiter Green vs. Take Two Interactive Software |
| Comerica vs. Silver Bullet Data | Comerica vs. G5 Entertainment AB | Comerica vs. Zinc Media Group | Comerica vs. Everyman Media Group |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |