Correlation Between JPMF Global and Esfera Robotics
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By analyzing existing cross correlation between JPMF Global Natural and Esfera Robotics R, you can compare the effects of market volatilities on JPMF Global and Esfera Robotics 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 JPMF Global with a short position of Esfera Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMF Global and Esfera Robotics.
Diversification Opportunities for JPMF Global and Esfera Robotics
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between JPMF and Esfera is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding JPMF Global Natural and Esfera Robotics R in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Esfera Robotics R and JPMF Global 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 JPMF Global Natural are associated (or correlated) with Esfera Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Esfera Robotics R has no effect on the direction of JPMF Global i.e., JPMF Global and Esfera Robotics go up and down completely randomly.
Pair Corralation between JPMF Global and Esfera Robotics
Assuming the 90 days trading horizon JPMF Global Natural is expected to generate 0.71 times more return on investment than Esfera Robotics. However, JPMF Global Natural is 1.42 times less risky than Esfera Robotics. It trades about 0.66 of its potential returns per unit of risk. Esfera Robotics R is currently generating about 0.09 per unit of risk. If you would invest 1,235 in JPMF Global Natural on October 24, 2024 and sell it today you would earn a total of 104.00 from holding JPMF Global Natural or generate 8.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
JPMF Global Natural vs. Esfera Robotics R
Performance |
| Timeline |
| JPMF Global Natural |
| Esfera Robotics R |
JPMF Global and Esfera Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMF Global and Esfera Robotics
The main advantage of trading using opposite JPMF Global and Esfera Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMF Global position performs unexpectedly, Esfera Robotics 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 Esfera Robotics will offset losses from the drop in Esfera Robotics' long position.| JPMF Global vs. Azvalor Global Value | JPMF Global vs. JPM Global Natural | JPMF Global vs. Cobas Global PP | JPMF Global vs. Templeton Global AD |
| Esfera Robotics vs. R co Valor F | Esfera Robotics vs. CM AM Monplus NE | Esfera Robotics vs. IE00B0H4TS55 | Esfera Robotics vs. DWS Aktien Strategie |
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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