Correlation Between JPX Global and Sixty Six
Can any of the company-specific risk be diversified away by investing in both JPX Global and Sixty Six 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 JPX Global and Sixty Six into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JPX Global and Sixty Six Oilfield, you can compare the effects of market volatilities on JPX Global and Sixty Six 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 JPX Global with a short position of Sixty Six. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPX Global and Sixty Six.
Diversification Opportunities for JPX Global and Sixty Six
1.0 | Correlation Coefficient |
No risk reduction
The 3 months correlation between JPX and Sixty is 1.0. Overlapping area represents the amount of risk that can be diversified away by holding JPX Global and Sixty Six Oilfield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sixty Six Oilfield and JPX 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 JPX Global are associated (or correlated) with Sixty Six. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sixty Six Oilfield has no effect on the direction of JPX Global i.e., JPX Global and Sixty Six go up and down completely randomly.
Pair Corralation between JPX Global and Sixty Six
If you would invest 0.01 in Sixty Six Oilfield on January 11, 2025 and sell it today you would earn a total of 0.00 from holding Sixty Six Oilfield or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
JPX Global vs. Sixty Six Oilfield
Performance |
| Timeline |
| JPX Global |
| Sixty Six Oilfield |
JPX Global and Sixty Six Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPX Global and Sixty Six
The main advantage of trading using opposite JPX Global and Sixty Six positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPX Global position performs unexpectedly, Sixty Six 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 Sixty Six will offset losses from the drop in Sixty Six's long position.| JPX Global vs. Frontera Group | JPX Global vs. International Consolidated Companies | JPX Global vs. Global Payments | JPX Global vs. Eco Innovation Group |
| Sixty Six vs. JPX Global | Sixty Six vs. Indo Global Exchange | Sixty Six vs. Intl Star | Sixty Six vs. Buyer Group International |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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