Correlation Between Juniata Valley and 665859AP9
Specify exactly 2 symbols:
By analyzing existing cross correlation between Juniata Valley Financial and NORTHERN TR P, you can compare the effects of market volatilities on Juniata Valley and 665859AP9 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 665859AP9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniata Valley and 665859AP9.
Diversification Opportunities for Juniata Valley and 665859AP9
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Juniata and 665859AP9 is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Juniata Valley Financial and NORTHERN TR P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NORTHERN TR P 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 665859AP9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NORTHERN TR P has no effect on the direction of Juniata Valley i.e., Juniata Valley and 665859AP9 go up and down completely randomly.
Pair Corralation between Juniata Valley and 665859AP9
Given the investment horizon of 90 days Juniata Valley Financial is expected to generate 3.31 times more return on investment than 665859AP9. However, Juniata Valley is 3.31 times more volatile than NORTHERN TR P. It trades about 0.23 of its potential returns per unit of risk. NORTHERN TR P is currently generating about 0.03 per unit of risk. If you would invest 1,205 in Juniata Valley Financial on August 31, 2024 and sell it today you would earn a total of 145.00 from holding Juniata Valley Financial or generate 12.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Juniata Valley Financial vs. NORTHERN TR P
Performance |
| Timeline |
| Juniata Valley Financial |
| NORTHERN TR P |
Juniata Valley and 665859AP9 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniata Valley and 665859AP9
The main advantage of trading using opposite Juniata Valley and 665859AP9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniata Valley position performs unexpectedly, 665859AP9 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 665859AP9 will offset losses from the drop in 665859AP9'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 |
| 665859AP9 vs. Juniata Valley Financial | 665859AP9 vs. NL Industries | 665859AP9 vs. Sealed Air | 665859AP9 vs. Pintec Technology Holdings |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Global Correlations Find global opportunities by holding instruments from different markets |