Correlation Between JJill and 907818GF9
Specify exactly 2 symbols:
By analyzing existing cross correlation between JJill Inc and UNP 495 15 MAY 53, you can compare the effects of market volatilities on JJill and 907818GF9 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 907818GF9. Check out your portfolio center. Please also check ongoing floating volatility patterns of JJill and 907818GF9.
Diversification Opportunities for JJill and 907818GF9
Excellent diversification
The 3 months correlation between JJill and 907818GF9 is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding JJill Inc and UNP 495 15 MAY 53 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNP 495 15 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 907818GF9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNP 495 15 has no effect on the direction of JJill i.e., JJill and 907818GF9 go up and down completely randomly.
Pair Corralation between JJill and 907818GF9
Given the investment horizon of 90 days JJill is expected to generate 1.13 times less return on investment than 907818GF9. But when comparing it to its historical volatility, JJill Inc is 1.2 times less risky than 907818GF9. It trades about 0.05 of its potential returns per unit of risk. UNP 495 15 MAY 53 is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 9,760 in UNP 495 15 MAY 53 on October 7, 2024 and sell it today you would earn a total of 113.00 from holding UNP 495 15 MAY 53 or generate 1.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 55.0% |
| Values | Daily Returns |
JJill Inc vs. UNP 495 15 MAY 53
Performance |
| Timeline |
| JJill Inc |
| UNP 495 15 |
JJill and 907818GF9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JJill and 907818GF9
The main advantage of trading using opposite JJill and 907818GF9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JJill position performs unexpectedly, 907818GF9 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 907818GF9 will offset losses from the drop in 907818GF9's long position.The idea behind JJill Inc and UNP 495 15 MAY 53 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.| 907818GF9 vs. Fernhill Beverage | 907818GF9 vs. Inflection Point Acquisition | 907818GF9 vs. Westrock Coffee | 907818GF9 vs. Cresud SACIF y |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |