Correlation Between Juniata Valley and MGMCHI
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By analyzing existing cross correlation between Juniata Valley Financial and MGMCHI 475 01 FEB 27, you can compare the effects of market volatilities on Juniata Valley and MGMCHI 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 MGMCHI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniata Valley and MGMCHI.
Diversification Opportunities for Juniata Valley and MGMCHI
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Juniata and MGMCHI is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Juniata Valley Financial and MGMCHI 475 01 FEB 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MGMCHI 475 01 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 MGMCHI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MGMCHI 475 01 has no effect on the direction of Juniata Valley i.e., Juniata Valley and MGMCHI go up and down completely randomly.
Pair Corralation between Juniata Valley and MGMCHI
Given the investment horizon of 90 days Juniata Valley Financial is expected to generate 4.83 times more return on investment than MGMCHI. However, Juniata Valley is 4.83 times more volatile than MGMCHI 475 01 FEB 27. It trades about 0.02 of its potential returns per unit of risk. MGMCHI 475 01 FEB 27 is currently generating about 0.01 per unit of risk. If you would invest 1,280 in Juniata Valley Financial on September 12, 2024 and sell it today you would earn a total of 79.00 from holding Juniata Valley Financial or generate 6.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 77.33% |
| Values | Daily Returns |
Juniata Valley Financial vs. MGMCHI 475 01 FEB 27
Performance |
| Timeline |
| Juniata Valley Financial |
| MGMCHI 475 01 |
Juniata Valley and MGMCHI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniata Valley and MGMCHI
The main advantage of trading using opposite Juniata Valley and MGMCHI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniata Valley position performs unexpectedly, MGMCHI 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 MGMCHI will offset losses from the drop in MGMCHI'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 |
| MGMCHI vs. Old Republic International | MGMCHI vs. Emerson Radio | MGMCHI vs. Summit Environmental | MGMCHI vs. Sonos Inc |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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