Correlation Between Jackson Financial and AUTOMATIC
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By analyzing existing cross correlation between Jackson Financial and AUTOMATIC DATA PROCESSING, you can compare the effects of market volatilities on Jackson Financial and AUTOMATIC 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 AUTOMATIC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and AUTOMATIC.
Diversification Opportunities for Jackson Financial and AUTOMATIC
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jackson and AUTOMATIC is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and AUTOMATIC DATA PROCESSING in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AUTOMATIC DATA PROCESSING 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 AUTOMATIC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AUTOMATIC DATA PROCESSING has no effect on the direction of Jackson Financial i.e., Jackson Financial and AUTOMATIC go up and down completely randomly.
Pair Corralation between Jackson Financial and AUTOMATIC
Assuming the 90 days trading horizon Jackson Financial is expected to generate 1.79 times more return on investment than AUTOMATIC. However, Jackson Financial is 1.79 times more volatile than AUTOMATIC DATA PROCESSING. It trades about 0.05 of its potential returns per unit of risk. AUTOMATIC DATA PROCESSING is currently generating about 0.0 per unit of risk. If you would invest 2,208 in Jackson Financial on September 5, 2024 and sell it today you would earn a total of 527.00 from holding Jackson Financial or generate 23.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 92.08% |
| Values | Daily Returns |
Jackson Financial vs. AUTOMATIC DATA PROCESSING
Performance |
| Timeline |
| Jackson Financial |
| AUTOMATIC DATA PROCESSING |
Jackson Financial and AUTOMATIC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and AUTOMATIC
The main advantage of trading using opposite Jackson Financial and AUTOMATIC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, AUTOMATIC 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 AUTOMATIC will offset losses from the drop in AUTOMATIC's long position.| Jackson Financial vs. NRG Energy | Jackson Financial vs. United Utilities Group | Jackson Financial vs. Aris Water Solutions | Jackson Financial vs. Western Midstream Partners |
| AUTOMATIC vs. AEP TEX INC | AUTOMATIC vs. US BANK NATIONAL | AUTOMATIC vs. Jackson Financial | AUTOMATIC vs. MetLife |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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