Correlation Between Juniata Valley and 872540AQ2
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By analyzing existing cross correlation between Juniata Valley Financial and TJX INC NEW, you can compare the effects of market volatilities on Juniata Valley and 872540AQ2 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 872540AQ2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniata Valley and 872540AQ2.
Diversification Opportunities for Juniata Valley and 872540AQ2
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Juniata and 872540AQ2 is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Juniata Valley Financial and TJX INC NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TJX INC NEW 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 872540AQ2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TJX INC NEW has no effect on the direction of Juniata Valley i.e., Juniata Valley and 872540AQ2 go up and down completely randomly.
Pair Corralation between Juniata Valley and 872540AQ2
Given the investment horizon of 90 days Juniata Valley Financial is expected to generate 2.25 times more return on investment than 872540AQ2. However, Juniata Valley is 2.25 times more volatile than TJX INC NEW. It trades about 0.08 of its potential returns per unit of risk. TJX INC NEW is currently generating about -0.2 per unit of risk. If you would invest 1,253 in Juniata Valley Financial on November 25, 2024 and sell it today you would earn a total of 47.00 from holding Juniata Valley Financial or generate 3.75% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Juniata Valley Financial vs. TJX INC NEW
Performance |
Timeline |
Juniata Valley Financial |
TJX INC NEW |
Juniata Valley and 872540AQ2 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Juniata Valley and 872540AQ2
The main advantage of trading using opposite Juniata Valley and 872540AQ2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniata Valley position performs unexpectedly, 872540AQ2 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 872540AQ2 will offset losses from the drop in 872540AQ2's long position.Juniata Valley vs. FNB Inc | ||
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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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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