Correlation Between Jubilant Foodworks and Dow Jones
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By analyzing existing cross correlation between Jubilant Foodworks Limited and Dow Jones Industrial, you can compare the effects of market volatilities on Jubilant Foodworks and Dow Jones 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 Jubilant Foodworks with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jubilant Foodworks and Dow Jones.
Diversification Opportunities for Jubilant Foodworks and Dow Jones
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jubilant and Dow is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding Jubilant Foodworks Limited and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and Jubilant Foodworks 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 Jubilant Foodworks Limited are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Jubilant Foodworks i.e., Jubilant Foodworks and Dow Jones go up and down completely randomly.
Pair Corralation between Jubilant Foodworks and Dow Jones
Assuming the 90 days trading horizon Jubilant Foodworks Limited is expected to generate 2.34 times more return on investment than Dow Jones. However, Jubilant Foodworks is 2.34 times more volatile than Dow Jones Industrial. It trades about 0.1 of its potential returns per unit of risk. Dow Jones Industrial is currently generating about 0.08 per unit of risk. If you would invest 60,080 in Jubilant Foodworks Limited on October 24, 2024 and sell it today you would earn a total of 7,260 from holding Jubilant Foodworks Limited or generate 12.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.36% |
| Values | Daily Returns |
Jubilant Foodworks Limited vs. Dow Jones Industrial
Performance |
| Timeline |
Jubilant Foodworks and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Jubilant Foodworks Limited
Pair trading matchups for Jubilant Foodworks
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Jubilant Foodworks and Dow Jones
The main advantage of trading using opposite Jubilant Foodworks and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jubilant Foodworks position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| Jubilant Foodworks vs. Kingfa Science Technology | Jubilant Foodworks vs. Rico Auto Industries | Jubilant Foodworks vs. GACM Technologies Limited | Jubilant Foodworks vs. COSMO FIRST LIMITED |
| Dow Jones vs. Transocean | Dow Jones vs. Noble plc | Dow Jones vs. Evolution Gaming Group | Dow Jones vs. Addus HomeCare |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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