Correlation Between JLT Mobile and KlaraBo Sverige

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Can any of the company-specific risk be diversified away by investing in both JLT Mobile and KlaraBo Sverige 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 JLT Mobile and KlaraBo Sverige into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JLT Mobile Computers and KlaraBo Sverige AB, you can compare the effects of market volatilities on JLT Mobile and KlaraBo Sverige 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 JLT Mobile with a short position of KlaraBo Sverige. Check out your portfolio center. Please also check ongoing floating volatility patterns of JLT Mobile and KlaraBo Sverige.

Diversification Opportunities for JLT Mobile and KlaraBo Sverige

0.49
  Correlation Coefficient

Very weak diversification

The 3 months correlation between JLT and KlaraBo is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding JLT Mobile Computers and KlaraBo Sverige AB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KlaraBo Sverige AB and JLT Mobile 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 JLT Mobile Computers are associated (or correlated) with KlaraBo Sverige. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KlaraBo Sverige AB has no effect on the direction of JLT Mobile i.e., JLT Mobile and KlaraBo Sverige go up and down completely randomly.

Pair Corralation between JLT Mobile and KlaraBo Sverige

Assuming the 90 days trading horizon JLT Mobile Computers is expected to under-perform the KlaraBo Sverige. In addition to that, JLT Mobile is 1.07 times more volatile than KlaraBo Sverige AB. It trades about -0.07 of its total potential returns per unit of risk. KlaraBo Sverige AB is currently generating about -0.02 per unit of volatility. If you would invest  1,998  in KlaraBo Sverige AB on September 3, 2024 and sell it today you would lose (118.00) from holding KlaraBo Sverige AB or give up 5.91% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

JLT Mobile Computers  vs.  KlaraBo Sverige AB

 Performance 
       Timeline  
JLT Mobile Computers 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days JLT Mobile Computers has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest uncertain performance, the Stock's basic indicators remain stable and the newest uproar on Wall Street may also be a sign of mid-term gains for the firm private investors.
KlaraBo Sverige AB 

Risk-Adjusted Performance

1 of 100

 
Weak
 
Strong
Weak
Compared to the overall equity markets, risk-adjusted returns on investments in KlaraBo Sverige AB are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. Despite somewhat strong basic indicators, KlaraBo Sverige is not utilizing all of its potentials. The newest stock price disturbance, may contribute to short-term losses for the investors.

JLT Mobile and KlaraBo Sverige Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with JLT Mobile and KlaraBo Sverige

The main advantage of trading using opposite JLT Mobile and KlaraBo Sverige positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JLT Mobile position performs unexpectedly, KlaraBo Sverige 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 KlaraBo Sverige will offset losses from the drop in KlaraBo Sverige's long position.
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The idea behind JLT Mobile Computers and KlaraBo Sverige AB 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.
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.

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