Correlation Between Jackson Financial and MusclePharm
Can any of the company-specific risk be diversified away by investing in both Jackson Financial and MusclePharm 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 Jackson Financial and MusclePharm into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jackson Financial and MusclePharm, you can compare the effects of market volatilities on Jackson Financial and MusclePharm 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 Jackson Financial with a short position of MusclePharm. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and MusclePharm.
Diversification Opportunities for Jackson Financial and MusclePharm
-0.87 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Jackson and MusclePharm is -0.87. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and MusclePharm in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MusclePharm and Jackson Financial 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 Jackson Financial are associated (or correlated) with MusclePharm. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MusclePharm has no effect on the direction of Jackson Financial i.e., Jackson Financial and MusclePharm go up and down completely randomly.
Pair Corralation between Jackson Financial and MusclePharm
If you would invest 2,724 in Jackson Financial on September 3, 2024 and sell it today you would earn a total of 23.00 from holding Jackson Financial or generate 0.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Jackson Financial vs. MusclePharm
Performance |
| Timeline |
| Jackson Financial |
| MusclePharm |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Jackson Financial and MusclePharm Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and MusclePharm
The main advantage of trading using opposite Jackson Financial and MusclePharm positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, MusclePharm 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 MusclePharm will offset losses from the drop in MusclePharm's long position.| Jackson Financial vs. Analog Devices | Jackson Financial vs. Tencent Music Entertainment | Jackson Financial vs. RBC Bearings Incorporated | Jackson Financial vs. BioNTech SE |
| MusclePharm vs. Merit Medical Systems | MusclePharm vs. Xunlei Ltd Adr | MusclePharm vs. Cumberland Pharmaceuticals | MusclePharm vs. Teleflex Incorporated |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Bonds Directory Find actively traded corporate debentures issued by US companies | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |