Correlation Between Jay Mart and Premier Technology
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By analyzing existing cross correlation between Jay Mart Public and Premier Technology Public, you can compare the effects of market volatilities on Jay Mart and Premier Technology 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 Jay Mart with a short position of Premier Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jay Mart and Premier Technology.
Diversification Opportunities for Jay Mart and Premier Technology
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jay and Premier is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Jay Mart Public and Premier Technology Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Premier Technology Public and Jay Mart 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 Jay Mart Public are associated (or correlated) with Premier Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Premier Technology Public has no effect on the direction of Jay Mart i.e., Jay Mart and Premier Technology go up and down completely randomly.
Pair Corralation between Jay Mart and Premier Technology
Assuming the 90 days trading horizon Jay Mart Public is expected to generate 1.76 times more return on investment than Premier Technology. However, Jay Mart is 1.76 times more volatile than Premier Technology Public. It trades about 0.07 of its potential returns per unit of risk. Premier Technology Public is currently generating about 0.04 per unit of risk. If you would invest 2,669 in Jay Mart Public on December 1, 2024 and sell it today you would lose (1,629) from holding Jay Mart Public or give up 61.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 96.88% |
| Values | Daily Returns |
Jay Mart Public vs. Premier Technology Public
Performance |
| Timeline |
| Jay Mart Public |
Risk-Adjusted Performance
OK
Weak | Strong |
| Premier Technology Public |
Jay Mart and Premier Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jay Mart and Premier Technology
The main advantage of trading using opposite Jay Mart and Premier Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jay Mart position performs unexpectedly, Premier Technology 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 Premier Technology will offset losses from the drop in Premier Technology's long position.| Jay Mart vs. Jay Mart Public | Jay Mart vs. Krungthai Card Public | Jay Mart vs. Kasikornbank Public | Jay Mart vs. KERRY EXPRESS |
| Premier Technology vs. Thanachart Capital Public | Premier Technology vs. Quality Houses Public | Premier Technology vs. Tipco Asphalt Public | Premier Technology vs. Synnex Public |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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