Correlation Between Jutal Offshore and Sabre Insurance
Can any of the company-specific risk be diversified away by investing in both Jutal Offshore and Sabre 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 Jutal Offshore and Sabre Insurance into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jutal Offshore Oil and Sabre Insurance Group, you can compare the effects of market volatilities on Jutal Offshore and Sabre 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 Jutal Offshore with a short position of Sabre Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jutal Offshore and Sabre Insurance.
Diversification Opportunities for Jutal Offshore and Sabre Insurance
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Jutal and Sabre is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Jutal Offshore Oil and Sabre Insurance Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sabre Insurance Group and Jutal Offshore 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 Jutal Offshore Oil are associated (or correlated) with Sabre Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sabre Insurance Group has no effect on the direction of Jutal Offshore i.e., Jutal Offshore and Sabre Insurance go up and down completely randomly.
Pair Corralation between Jutal Offshore and Sabre Insurance
Assuming the 90 days horizon Jutal Offshore Oil is expected to generate 15.52 times more return on investment than Sabre Insurance. However, Jutal Offshore is 15.52 times more volatile than Sabre Insurance Group. It trades about 0.04 of its potential returns per unit of risk. Sabre Insurance Group is currently generating about 0.08 per unit of risk. If you would invest 1,558 in Jutal Offshore Oil on September 2, 2024 and sell it today you would earn a total of 352.00 from holding Jutal Offshore Oil or generate 22.59% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Jutal Offshore Oil vs. Sabre Insurance Group
Performance |
| Timeline |
| Jutal Offshore Oil |
| Sabre Insurance Group |
Jutal Offshore and Sabre Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jutal Offshore and Sabre Insurance
The main advantage of trading using opposite Jutal Offshore and Sabre Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jutal Offshore position performs unexpectedly, Sabre 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 Sabre Insurance will offset losses from the drop in Sabre Insurance's long position.| Jutal Offshore vs. Fidus Investment Corp | Jutal Offshore vs. BTB Real Estate | Jutal Offshore vs. Western Asset Investment | Jutal Offshore vs. Vita Coco |
| Sabre Insurance vs. Jutal Offshore Oil | Sabre Insurance vs. Anheuser Busch Inbev | Sabre Insurance vs. National Beverage Corp | Sabre Insurance vs. Lifevantage |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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