Correlation Between Jupiter Fund and UNIQA Insurance
Can any of the company-specific risk be diversified away by investing in both Jupiter Fund and UNIQA Insurance at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Jupiter Fund and UNIQA Insurance into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jupiter Fund Management and UNIQA Insurance Group, you can compare the effects of market volatilities on Jupiter Fund and UNIQA Insurance 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 Jupiter Fund with a short position of UNIQA Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jupiter Fund and UNIQA Insurance.
Diversification Opportunities for Jupiter Fund and UNIQA Insurance
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jupiter and UNIQA is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Jupiter Fund Management and UNIQA Insurance Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNIQA Insurance Group and Jupiter Fund 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 Jupiter Fund Management are associated (or correlated) with UNIQA Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNIQA Insurance Group has no effect on the direction of Jupiter Fund i.e., Jupiter Fund and UNIQA Insurance go up and down completely randomly.
Pair Corralation between Jupiter Fund and UNIQA Insurance
Assuming the 90 days trading horizon Jupiter Fund Management is expected to generate 2.15 times more return on investment than UNIQA Insurance. However, Jupiter Fund is 2.15 times more volatile than UNIQA Insurance Group. It trades about 0.02 of its potential returns per unit of risk. UNIQA Insurance Group is currently generating about -0.05 per unit of risk. If you would invest 8,079 in Jupiter Fund Management on September 1, 2024 and sell it today you would earn a total of 271.00 from holding Jupiter Fund Management or generate 3.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jupiter Fund Management vs. UNIQA Insurance Group
Performance |
| Timeline |
| Jupiter Fund Management |
| UNIQA Insurance Group |
Jupiter Fund and UNIQA Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jupiter Fund and UNIQA Insurance
The main advantage of trading using opposite Jupiter Fund and UNIQA Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jupiter Fund position performs unexpectedly, UNIQA Insurance 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 UNIQA Insurance will offset losses from the drop in UNIQA Insurance's long position.| Jupiter Fund vs. Livermore Investments Group | Jupiter Fund vs. Eco Animal Health | Jupiter Fund vs. Bellevue Healthcare Trust | Jupiter Fund vs. The Investment |
| UNIQA Insurance vs. Uniper SE | UNIQA Insurance vs. Mulberry Group PLC | UNIQA Insurance vs. London Security Plc | UNIQA Insurance vs. Triad Group PLC |
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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
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