Correlation Between Juniata Valley and EDPPL
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By analyzing existing cross correlation between Juniata Valley Financial and EDPPL 171 24 JAN 28, you can compare the effects of market volatilities on Juniata Valley and EDPPL 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 Juniata Valley with a short position of EDPPL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniata Valley and EDPPL.
Diversification Opportunities for Juniata Valley and EDPPL
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Juniata and EDPPL is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Juniata Valley Financial and EDPPL 171 24 JAN 28 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EDPPL 171 24 and Juniata Valley 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 Juniata Valley Financial are associated (or correlated) with EDPPL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EDPPL 171 24 has no effect on the direction of Juniata Valley i.e., Juniata Valley and EDPPL go up and down completely randomly.
Pair Corralation between Juniata Valley and EDPPL
Given the investment horizon of 90 days Juniata Valley Financial is expected to generate 0.97 times more return on investment than EDPPL. However, Juniata Valley Financial is 1.03 times less risky than EDPPL. It trades about 0.38 of its potential returns per unit of risk. EDPPL 171 24 JAN 28 is currently generating about -0.25 per unit of risk. If you would invest 1,155 in Juniata Valley Financial on September 5, 2024 and sell it today you would earn a total of 195.00 from holding Juniata Valley Financial or generate 16.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 61.9% |
| Values | Daily Returns |
Juniata Valley Financial vs. EDPPL 171 24 JAN 28
Performance |
| Timeline |
| Juniata Valley Financial |
| EDPPL 171 24 |
Juniata Valley and EDPPL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniata Valley and EDPPL
The main advantage of trading using opposite Juniata Valley and EDPPL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniata Valley position performs unexpectedly, EDPPL 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 EDPPL will offset losses from the drop in EDPPL's long position.| Juniata Valley vs. FNB Inc | Juniata Valley vs. Apollo Bancorp | Juniata Valley vs. Commercial National Financial | Juniata Valley vs. Eastern Michigan Financial |
| EDPPL vs. Minerals Technologies | EDPPL vs. Juniata Valley Financial | EDPPL vs. Barings BDC | EDPPL vs. AmTrust Financial Services |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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