Correlation Between JS Global and ORIX Leasing
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By analyzing existing cross correlation between JS Global Banking and ORIX Leasing Pakistan, you can compare the effects of market volatilities on JS Global and ORIX Leasing 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 ORIX Leasing. Check out your portfolio center. Please also check ongoing floating volatility patterns of JS Global and ORIX Leasing.
Diversification Opportunities for JS Global and ORIX Leasing
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JSGBETF and ORIX is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding JS Global Banking and ORIX Leasing Pakistan in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ORIX Leasing Pakistan 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 ORIX Leasing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ORIX Leasing Pakistan has no effect on the direction of JS Global i.e., JS Global and ORIX Leasing go up and down completely randomly.
Pair Corralation between JS Global and ORIX Leasing
Assuming the 90 days trading horizon JS Global Banking is expected to under-perform the ORIX Leasing. In addition to that, JS Global is 1.7 times more volatile than ORIX Leasing Pakistan. It trades about -0.06 of its total potential returns per unit of risk. ORIX Leasing Pakistan is currently generating about 0.0 per unit of volatility. If you would invest 3,700 in ORIX Leasing Pakistan on October 27, 2024 and sell it today you would lose (17.00) from holding ORIX Leasing Pakistan or give up 0.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
JS Global Banking vs. ORIX Leasing Pakistan
Performance |
| Timeline |
| JS Global Banking |
| ORIX Leasing Pakistan |
JS Global and ORIX Leasing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JS Global and ORIX Leasing
The main advantage of trading using opposite JS Global and ORIX Leasing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JS Global position performs unexpectedly, ORIX Leasing 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 ORIX Leasing will offset losses from the drop in ORIX Leasing's long position.| JS Global vs. Nimir Industrial Chemical | JS Global vs. NetSol Technologies | JS Global vs. Pakistan Aluminium Beverage | JS Global vs. AKD Hospitality |
| ORIX Leasing vs. Adamjee Insurance | ORIX Leasing vs. Universal Insurance | ORIX Leasing vs. NetSol Technologies | ORIX Leasing vs. JS Investments |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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