Correlation Between Jamieson Wellness and Pembina Pipeline
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By analyzing existing cross correlation between Jamieson Wellness and Pembina Pipeline Corp, you can compare the effects of market volatilities on Jamieson Wellness and Pembina Pipeline 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 Jamieson Wellness with a short position of Pembina Pipeline. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jamieson Wellness and Pembina Pipeline.
Diversification Opportunities for Jamieson Wellness and Pembina Pipeline
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jamieson and Pembina is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Jamieson Wellness and Pembina Pipeline Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pembina Pipeline Corp and Jamieson Wellness 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 Jamieson Wellness are associated (or correlated) with Pembina Pipeline. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pembina Pipeline Corp has no effect on the direction of Jamieson Wellness i.e., Jamieson Wellness and Pembina Pipeline go up and down completely randomly.
Pair Corralation between Jamieson Wellness and Pembina Pipeline
Assuming the 90 days trading horizon Jamieson Wellness is expected to generate 1.71 times more return on investment than Pembina Pipeline. However, Jamieson Wellness is 1.71 times more volatile than Pembina Pipeline Corp. It trades about 0.05 of its potential returns per unit of risk. Pembina Pipeline Corp is currently generating about 0.07 per unit of risk. If you would invest 3,010 in Jamieson Wellness on October 27, 2024 and sell it today you would earn a total of 556.00 from holding Jamieson Wellness or generate 18.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Jamieson Wellness vs. Pembina Pipeline Corp
Performance |
| Timeline |
| Jamieson Wellness |
| Pembina Pipeline Corp |
Jamieson Wellness and Pembina Pipeline Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jamieson Wellness and Pembina Pipeline
The main advantage of trading using opposite Jamieson Wellness and Pembina Pipeline positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jamieson Wellness position performs unexpectedly, Pembina Pipeline 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 Pembina Pipeline will offset losses from the drop in Pembina Pipeline's long position.| Jamieson Wellness vs. Enghouse Systems | Jamieson Wellness vs. Kinaxis | Jamieson Wellness vs. Waste Connections | Jamieson Wellness vs. Open Text Corp |
| Pembina Pipeline vs. Pembina Pipeline Corp | Pembina Pipeline vs. Pembina Pipeline Corp | Pembina Pipeline vs. Pembina Pipeline Corp | Pembina Pipeline vs. Pembina Pipeline 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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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