Correlation Between JJill and 88579YBH3
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By analyzing existing cross correlation between JJill Inc and 3M CO, you can compare the effects of market volatilities on JJill and 88579YBH3 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 88579YBH3. Check out your portfolio center. Please also check ongoing floating volatility patterns of JJill and 88579YBH3.
Diversification Opportunities for JJill and 88579YBH3
Pay attention - limited upside
The 3 months correlation between JJill and 88579YBH3 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JJill Inc and 3M CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 88579YBH3 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 88579YBH3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 88579YBH3 has no effect on the direction of JJill i.e., JJill and 88579YBH3 go up and down completely randomly.
Pair Corralation between JJill and 88579YBH3
If you would invest 2,566 in JJill Inc on September 15, 2024 and sell it today you would earn a total of 257.00 from holding JJill Inc or generate 10.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
JJill Inc vs. 3M CO
Performance |
| Timeline |
| JJill Inc |
| 88579YBH3 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
JJill and 88579YBH3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JJill and 88579YBH3
The main advantage of trading using opposite JJill and 88579YBH3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JJill position performs unexpectedly, 88579YBH3 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 88579YBH3 will offset losses from the drop in 88579YBH3's long position.The idea behind JJill Inc and 3M CO 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.| 88579YBH3 vs. Cedar Realty Trust | 88579YBH3 vs. Here Media | 88579YBH3 vs. Pool Corporation | 88579YBH3 vs. Lululemon Athletica |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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