Correlation Between JS Global and Invest Capital
Specify exactly 2 symbols:
By analyzing existing cross correlation between JS Global Banking and Invest Capital Investment, you can compare the effects of market volatilities on JS Global and Invest Capital 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 Invest Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of JS Global and Invest Capital.
Diversification Opportunities for JS Global and Invest Capital
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between JSGBETF and Invest is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding JS Global Banking and Invest Capital Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invest Capital Investment 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 Invest Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Invest Capital Investment has no effect on the direction of JS Global i.e., JS Global and Invest Capital go up and down completely randomly.
Pair Corralation between JS Global and Invest Capital
Assuming the 90 days trading horizon JS Global is expected to generate 1.07 times less return on investment than Invest Capital. But when comparing it to its historical volatility, JS Global Banking is 1.5 times less risky than Invest Capital. It trades about 0.32 of its potential returns per unit of risk. Invest Capital Investment is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 147.00 in Invest Capital Investment on September 5, 2024 and sell it today you would earn a total of 28.00 from holding Invest Capital Investment or generate 19.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
JS Global Banking vs. Invest Capital Investment
Performance |
| Timeline |
| JS Global Banking |
| Invest Capital Investment |
JS Global and Invest Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JS Global and Invest Capital
The main advantage of trading using opposite JS Global and Invest Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JS Global position performs unexpectedly, Invest Capital 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 Invest Capital will offset losses from the drop in Invest Capital's long position.| JS Global vs. Habib Insurance | JS Global vs. Pakistan Refinery | JS Global vs. Century Insurance | JS Global vs. Reliance Weaving Mills |
| Invest Capital vs. National Bank of | Invest Capital vs. Bank of Punjab | Invest Capital vs. JS Global Banking | Invest Capital vs. MCB 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |