Correlation Between JS Global and Pakistan State
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By analyzing existing cross correlation between JS Global Banking and Pakistan State Oil, you can compare the effects of market volatilities on JS Global and Pakistan State 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 Pakistan State. Check out your portfolio center. Please also check ongoing floating volatility patterns of JS Global and Pakistan State.
Diversification Opportunities for JS Global and Pakistan State
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between JSGBETF and Pakistan is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding JS Global Banking and Pakistan State Oil in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pakistan State Oil 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 Pakistan State. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pakistan State Oil has no effect on the direction of JS Global i.e., JS Global and Pakistan State go up and down completely randomly.
Pair Corralation between JS Global and Pakistan State
Assuming the 90 days trading horizon JS Global Banking is expected to generate 1.15 times more return on investment than Pakistan State. However, JS Global is 1.15 times more volatile than Pakistan State Oil. It trades about 0.12 of its potential returns per unit of risk. Pakistan State Oil is currently generating about 0.09 per unit of risk. If you would invest 1,009 in JS Global Banking on September 12, 2024 and sell it today you would earn a total of 980.00 from holding JS Global Banking or generate 97.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 48.76% |
| Values | Daily Returns |
JS Global Banking vs. Pakistan State Oil
Performance |
| Timeline |
| JS Global Banking |
| Pakistan State Oil |
JS Global and Pakistan State Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JS Global and Pakistan State
The main advantage of trading using opposite JS Global and Pakistan State positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JS Global position performs unexpectedly, Pakistan State 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 Pakistan State will offset losses from the drop in Pakistan State's long position.| JS Global vs. Pakistan Telecommunication | JS Global vs. Ghandhara Automobile | JS Global vs. Askari General Insurance | JS Global vs. Premier Insurance |
| Pakistan State vs. JS Global Banking | Pakistan State vs. Pakistan Hotel Developers | Pakistan State vs. Engro Polymer Chemicals | Pakistan State vs. Air Link Communication |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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