Correlation Between JPM America and Esfera Robotics
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By analyzing existing cross correlation between JPM America Equity and Esfera Robotics R, you can compare the effects of market volatilities on JPM America 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 JPM America with a short position of Esfera Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPM America and Esfera Robotics.
Diversification Opportunities for JPM America and Esfera Robotics
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between JPM and Esfera is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding JPM America Equity 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 JPM America 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 JPM America Equity 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 JPM America i.e., JPM America and Esfera Robotics go up and down completely randomly.
Pair Corralation between JPM America and Esfera Robotics
Assuming the 90 days trading horizon JPM America Equity is expected to generate 1.03 times more return on investment than Esfera Robotics. However, JPM America is 1.03 times more volatile than Esfera Robotics R. It trades about 0.13 of its potential returns per unit of risk. Esfera Robotics R is currently generating about 0.12 per unit of risk. If you would invest 36,978 in JPM America Equity on August 29, 2024 and sell it today you would earn a total of 7,363 from holding JPM America Equity or generate 19.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 98.45% |
| Values | Daily Returns |
JPM America Equity vs. Esfera Robotics R
Performance |
| Timeline |
| JPM America Equity |
| Esfera Robotics R |
JPM America and Esfera Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPM America and Esfera Robotics
The main advantage of trading using opposite JPM America and Esfera Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPM America 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.| JPM America vs. Renaissance Europe C | JPM America vs. Superior Plus Corp | JPM America vs. Origin Agritech | JPM America vs. Identiv |
| Esfera Robotics vs. R co Valor F | Esfera Robotics vs. CM AM Monplus NE | Esfera Robotics vs. IE00B0H4TS55 | Esfera Robotics vs. Echiquier Entrepreneurs G |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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