Correlation Between Juniata Valley and SMUCKER
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By analyzing existing cross correlation between Juniata Valley Financial and SMUCKER J M, you can compare the effects of market volatilities on Juniata Valley and SMUCKER 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 SMUCKER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniata Valley and SMUCKER.
Diversification Opportunities for Juniata Valley and SMUCKER
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Juniata and SMUCKER is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Juniata Valley Financial and SMUCKER J M in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SMUCKER J M 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 SMUCKER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SMUCKER J M has no effect on the direction of Juniata Valley i.e., Juniata Valley and SMUCKER go up and down completely randomly.
Pair Corralation between Juniata Valley and SMUCKER
Given the investment horizon of 90 days Juniata Valley Financial is expected to generate 1.88 times more return on investment than SMUCKER. However, Juniata Valley is 1.88 times more volatile than SMUCKER J M. It trades about 0.19 of its potential returns per unit of risk. SMUCKER J M is currently generating about -0.09 per unit of risk. If you would invest 1,145 in Juniata Valley Financial on September 3, 2024 and sell it today you would earn a total of 205.00 from holding Juniata Valley Financial or generate 17.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 45.24% |
| Values | Daily Returns |
Juniata Valley Financial vs. SMUCKER J M
Performance |
| Timeline |
| Juniata Valley Financial |
| SMUCKER J M |
Juniata Valley and SMUCKER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniata Valley and SMUCKER
The main advantage of trading using opposite Juniata Valley and SMUCKER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniata Valley position performs unexpectedly, SMUCKER 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 SMUCKER will offset losses from the drop in SMUCKER'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 |
| SMUCKER vs. KeyCorp | SMUCKER vs. Philip Morris International | SMUCKER vs. Juniata Valley Financial | SMUCKER vs. Chiba Bank Ltd |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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