Correlation Between JJill and FEDEX
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By analyzing existing cross correlation between JJill Inc and FEDEX P, you can compare the effects of market volatilities on JJill and FEDEX 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 JJill with a short position of FEDEX. Check out your portfolio center. Please also check ongoing floating volatility patterns of JJill and FEDEX.
Diversification Opportunities for JJill and FEDEX
Very good diversification
The 3 months correlation between JJill and FEDEX is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding JJill Inc and FEDEX P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FEDEX P and JJill 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 JJill Inc are associated (or correlated) with FEDEX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FEDEX P has no effect on the direction of JJill i.e., JJill and FEDEX go up and down completely randomly.
Pair Corralation between JJill and FEDEX
Given the investment horizon of 90 days JJill Inc is expected to under-perform the FEDEX. In addition to that, JJill is 5.36 times more volatile than FEDEX P. It trades about -0.14 of its total potential returns per unit of risk. FEDEX P is currently generating about 0.01 per unit of volatility. If you would invest 9,235 in FEDEX P on January 14, 2025 and sell it today you would earn a total of 14.00 from holding FEDEX P or generate 0.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
JJill Inc vs. FEDEX P
Performance |
| Timeline |
| JJill Inc |
| FEDEX P |
JJill and FEDEX Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JJill and FEDEX
The main advantage of trading using opposite JJill and FEDEX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JJill position performs unexpectedly, FEDEX 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 FEDEX will offset losses from the drop in FEDEX's long position.The idea behind JJill Inc and FEDEX P pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| FEDEX vs. Aldel Financial II | FEDEX vs. Consumers Energy | FEDEX vs. Cresud SACIF y | FEDEX vs. Southwest Gas Holdings |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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