Correlation Between JS Global and Bank of Punjab
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By analyzing existing cross correlation between JS Global Banking and Bank of Punjab, you can compare the effects of market volatilities on JS Global and Bank of Punjab 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 JS Global with a short position of Bank of Punjab. Check out your portfolio center. Please also check ongoing floating volatility patterns of JS Global and Bank of Punjab.
Diversification Opportunities for JS Global and Bank of Punjab
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JSGBETF and Bank is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding JS Global Banking and Bank of Punjab in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of Punjab and JS 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 JS Global Banking are associated (or correlated) with Bank of Punjab. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of Punjab has no effect on the direction of JS Global i.e., JS Global and Bank of Punjab go up and down completely randomly.
Pair Corralation between JS Global and Bank of Punjab
Assuming the 90 days trading horizon JS Global is expected to generate 1.77 times less return on investment than Bank of Punjab. In addition to that, JS Global is 1.3 times more volatile than Bank of Punjab. It trades about 0.16 of its total potential returns per unit of risk. Bank of Punjab is currently generating about 0.37 per unit of volatility. If you would invest 550.00 in Bank of Punjab on August 28, 2024 and sell it today you would earn a total of 131.00 from holding Bank of Punjab or generate 23.82% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
JS Global Banking vs. Bank of Punjab
Performance |
| Timeline |
| JS Global Banking |
| Bank of Punjab |
JS Global and Bank of Punjab Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JS Global and Bank of Punjab
The main advantage of trading using opposite JS Global and Bank of Punjab positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JS Global position performs unexpectedly, Bank of Punjab 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 Bank of Punjab will offset losses from the drop in Bank of Punjab's long position.| JS Global vs. Habib Insurance | JS Global vs. Century Insurance | JS Global vs. Reliance Weaving Mills | JS Global vs. Media Times |
| Bank of Punjab vs. National Bank of | Bank of Punjab vs. Meezan Bank | Bank of Punjab vs. Bank Al Habib | Bank of Punjab vs. Habib Metropolitan Bank |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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