Correlation Between JXJT Old and Malibu Boats
Can any of the company-specific risk be diversified away by investing in both JXJT Old and Malibu Boats at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining JXJT Old and Malibu Boats into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JXJT Old and Malibu Boats, you can compare the effects of market volatilities on JXJT Old and Malibu Boats 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 JXJT Old with a short position of Malibu Boats. Check out your portfolio center. Please also check ongoing floating volatility patterns of JXJT Old and Malibu Boats.
Diversification Opportunities for JXJT Old and Malibu Boats
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JXJT and Malibu is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JXJT Old and Malibu Boats in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Malibu Boats and JXJT Old 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 JXJT Old are associated (or correlated) with Malibu Boats. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Malibu Boats has no effect on the direction of JXJT Old i.e., JXJT Old and Malibu Boats go up and down completely randomly.
Pair Corralation between JXJT Old and Malibu Boats
If you would invest (100.00) in JXJT Old on December 6, 2024 and sell it today you would earn a total of 100.00 from holding JXJT Old or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
JXJT Old vs. Malibu Boats
Performance |
| Timeline |
| JXJT Old |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Malibu Boats |
JXJT Old and Malibu Boats Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JXJT Old and Malibu Boats
The main advantage of trading using opposite JXJT Old and Malibu Boats positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JXJT Old position performs unexpectedly, Malibu Boats 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 Malibu Boats will offset losses from the drop in Malibu Boats' long position.| JXJT Old vs. G III Apparel Group | JXJT Old vs. Lakeland Industries | JXJT Old vs. Oxford Industries | JXJT Old vs. Superior Uniform Group |
| Malibu Boats vs. Polaris Industries | Malibu Boats vs. MCBC Holdings | Malibu Boats vs. LCI Industries | Malibu Boats vs. Thor Industries |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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