Correlation Between JS Global and Crescent Star
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By analyzing existing cross correlation between JS Global Banking and Crescent Star Insurance, you can compare the effects of market volatilities on JS Global and Crescent Star 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 Crescent Star. Check out your portfolio center. Please also check ongoing floating volatility patterns of JS Global and Crescent Star.
Diversification Opportunities for JS Global and Crescent Star
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JSGBETF and Crescent is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding JS Global Banking and Crescent Star Insurance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Crescent Star Insurance 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 Crescent Star. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Crescent Star Insurance has no effect on the direction of JS Global i.e., JS Global and Crescent Star go up and down completely randomly.
Pair Corralation between JS Global and Crescent Star
Assuming the 90 days trading horizon JS Global Banking is expected to generate 1.42 times more return on investment than Crescent Star. However, JS Global is 1.42 times more volatile than Crescent Star Insurance. It trades about 0.16 of its potential returns per unit of risk. Crescent Star Insurance is currently generating about 0.22 per unit of risk. If you would invest 1,902 in JS Global Banking on August 28, 2024 and sell it today you would earn a total of 213.00 from holding JS Global Banking or generate 11.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
JS Global Banking vs. Crescent Star Insurance
Performance |
| Timeline |
| JS Global Banking |
| Crescent Star Insurance |
JS Global and Crescent Star Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JS Global and Crescent Star
The main advantage of trading using opposite JS Global and Crescent Star positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JS Global position performs unexpectedly, Crescent Star 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 Crescent Star will offset losses from the drop in Crescent Star's long position.| JS Global vs. Habib Insurance | JS Global vs. Century Insurance | JS Global vs. Reliance Weaving Mills | JS Global vs. Media Times |
| Crescent Star vs. National Foods | Crescent Star vs. Avanceon | Crescent Star vs. Security Investment Bank | Crescent Star vs. ITTEFAQ Iron Industries |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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