Correlation Between Juniata Valley and 594918AM6
Specify exactly 2 symbols:
By analyzing existing cross correlation between Juniata Valley Financial and MICROSOFT P 53, you can compare the effects of market volatilities on Juniata Valley and 594918AM6 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 594918AM6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniata Valley and 594918AM6.
Diversification Opportunities for Juniata Valley and 594918AM6
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Juniata and 594918AM6 is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Juniata Valley Financial and MICROSOFT P 53 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MICROSOFT P 53 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 594918AM6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MICROSOFT P 53 has no effect on the direction of Juniata Valley i.e., Juniata Valley and 594918AM6 go up and down completely randomly.
Pair Corralation between Juniata Valley and 594918AM6
Given the investment horizon of 90 days Juniata Valley Financial is expected to generate 2.77 times more return on investment than 594918AM6. However, Juniata Valley is 2.77 times more volatile than MICROSOFT P 53. It trades about 0.05 of its potential returns per unit of risk. MICROSOFT P 53 is currently generating about 0.0 per unit of risk. If you would invest 1,206 in Juniata Valley Financial on September 1, 2024 and sell it today you would earn a total of 144.00 from holding Juniata Valley Financial or generate 11.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
Juniata Valley Financial vs. MICROSOFT P 53
Performance |
| Timeline |
| Juniata Valley Financial |
| MICROSOFT P 53 |
Juniata Valley and 594918AM6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniata Valley and 594918AM6
The main advantage of trading using opposite Juniata Valley and 594918AM6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniata Valley position performs unexpectedly, 594918AM6 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 594918AM6 will offset losses from the drop in 594918AM6's long position.| Juniata Valley vs. HUMANA INC | Juniata Valley vs. SCOR PK | Juniata Valley vs. Aquagold International | Juniata Valley vs. Thrivent High Yield |
| 594918AM6 vs. Juniata Valley Financial | 594918AM6 vs. Arrow Financial | 594918AM6 vs. Integral Ad Science | 594918AM6 vs. LithiumBank Resources Corp |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |