Correlation Between JNS Holdings and IShares ESG
Can any of the company-specific risk be diversified away by investing in both JNS Holdings and IShares ESG 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 JNS Holdings and IShares ESG into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JNS Holdings Corp and iShares ESG Aware, you can compare the effects of market volatilities on JNS Holdings and IShares ESG 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 JNS Holdings with a short position of IShares ESG. Check out your portfolio center. Please also check ongoing floating volatility patterns of JNS Holdings and IShares ESG.
Diversification Opportunities for JNS Holdings and IShares ESG
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between JNS and IShares is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding JNS Holdings Corp and iShares ESG Aware in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares ESG Aware and JNS Holdings 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 JNS Holdings Corp are associated (or correlated) with IShares ESG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares ESG Aware has no effect on the direction of JNS Holdings i.e., JNS Holdings and IShares ESG go up and down completely randomly.
Pair Corralation between JNS Holdings and IShares ESG
Given the investment horizon of 90 days JNS Holdings Corp is expected to generate 9.4 times more return on investment than IShares ESG. However, JNS Holdings is 9.4 times more volatile than iShares ESG Aware. It trades about 0.02 of its potential returns per unit of risk. iShares ESG Aware is currently generating about 0.11 per unit of risk. If you would invest 0.33 in JNS Holdings Corp on November 9, 2024 and sell it today you would lose (0.08) from holding JNS Holdings Corp or give up 24.24% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.76% |
| Values | Daily Returns |
JNS Holdings Corp vs. iShares ESG Aware
Performance |
| Timeline |
| JNS Holdings Corp |
| iShares ESG Aware |
JNS Holdings and IShares ESG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JNS Holdings and IShares ESG
The main advantage of trading using opposite JNS Holdings and IShares ESG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JNS Holdings position performs unexpectedly, IShares ESG 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 IShares ESG will offset losses from the drop in IShares ESG's long position.| JNS Holdings vs. Digital Locations | JNS Holdings vs. Orion Group Holdings | JNS Holdings vs. Vinci SA ADR | JNS Holdings vs. Agrify Corp |
| IShares ESG vs. Electric Car | IShares ESG vs. JNS Holdings Corp | IShares ESG vs. Plyzer Technologies | IShares ESG vs. Visium Technologies |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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