Correlation Between Juniper Networks and AB High
Can any of the company-specific risk be diversified away by investing in both Juniper Networks and AB High 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 Juniper Networks and AB High into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Juniper Networks and AB High Dividend, you can compare the effects of market volatilities on Juniper Networks and AB High 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 Juniper Networks with a short position of AB High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Networks and AB High.
Diversification Opportunities for Juniper Networks and AB High
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Juniper and HIDV is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Networks and AB High Dividend in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AB High Dividend and Juniper Networks 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 Juniper Networks are associated (or correlated) with AB High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AB High Dividend has no effect on the direction of Juniper Networks i.e., Juniper Networks and AB High go up and down completely randomly.
Pair Corralation between Juniper Networks and AB High
Given the investment horizon of 90 days Juniper Networks is expected to under-perform the AB High. In addition to that, Juniper Networks is 1.24 times more volatile than AB High Dividend. It trades about -0.15 of its total potential returns per unit of risk. AB High Dividend is currently generating about 0.2 per unit of volatility. If you would invest 6,879 in AB High Dividend on September 4, 2024 and sell it today you would earn a total of 609.17 from holding AB High Dividend or generate 8.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juniper Networks vs. AB High Dividend
Performance |
| Timeline |
| Juniper Networks |
| AB High Dividend |
Juniper Networks and AB High Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Networks and AB High
The main advantage of trading using opposite Juniper Networks and AB High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Networks position performs unexpectedly, AB High 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 AB High will offset losses from the drop in AB High's long position.| Juniper Networks vs. Infinera | Juniper Networks vs. Lumentum Holdings | Juniper Networks vs. Extreme Networks | Juniper Networks vs. Clearfield |
| AB High vs. Global X Funds | AB High vs. Dell Technologies | AB High vs. Juniper Networks | AB High vs. HUMANA INC |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets |