Correlation Between Juniper Hotels and Digjam
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By analyzing existing cross correlation between Juniper Hotels and Digjam Limited, you can compare the effects of market volatilities on Juniper Hotels and Digjam 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 Juniper Hotels with a short position of Digjam. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Digjam.
Diversification Opportunities for Juniper Hotels and Digjam
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Juniper and Digjam is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and Digjam Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Digjam Limited and Juniper Hotels 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 Juniper Hotels are associated (or correlated) with Digjam. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Digjam Limited has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and Digjam go up and down completely randomly.
Pair Corralation between Juniper Hotels and Digjam
Assuming the 90 days trading horizon Juniper Hotels is expected to under-perform the Digjam. In addition to that, Juniper Hotels is 1.11 times more volatile than Digjam Limited. It trades about -0.28 of its total potential returns per unit of risk. Digjam Limited is currently generating about -0.26 per unit of volatility. If you would invest 6,222 in Digjam Limited on November 5, 2024 and sell it today you would lose (906.00) from holding Digjam Limited or give up 14.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juniper Hotels vs. Digjam Limited
Performance |
| Timeline |
| Juniper Hotels |
| Digjam Limited |
Juniper Hotels and Digjam Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and Digjam
The main advantage of trading using opposite Juniper Hotels and Digjam positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, Digjam 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 Digjam will offset losses from the drop in Digjam's long position.| Juniper Hotels vs. Osia Hyper Retail | Juniper Hotels vs. Vertoz Advertising Limited | Juniper Hotels vs. V Mart Retail Limited | Juniper Hotels vs. EMBASSY OFFICE PARKS |
| Digjam vs. FCS Software Solutions | Digjam vs. LLOYDS METALS AND | Digjam vs. Nucleus Software Exports | Digjam vs. Sonata Software Limited |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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