Correlation Between Jackson Financial and CIGNA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jackson Financial and CIGNA P 325, you can compare the effects of market volatilities on Jackson Financial and CIGNA 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 CIGNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and CIGNA.
Diversification Opportunities for Jackson Financial and CIGNA
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jackson and CIGNA is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and CIGNA P 325 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CIGNA P 325 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 CIGNA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CIGNA P 325 has no effect on the direction of Jackson Financial i.e., Jackson Financial and CIGNA go up and down completely randomly.
Pair Corralation between Jackson Financial and CIGNA
Assuming the 90 days trading horizon Jackson Financial is expected to generate 0.69 times more return on investment than CIGNA. However, Jackson Financial is 1.44 times less risky than CIGNA. It trades about 0.02 of its potential returns per unit of risk. CIGNA P 325 is currently generating about -0.23 per unit of risk. If you would invest 2,724 in Jackson Financial on September 4, 2024 and sell it today you would earn a total of 6.00 from holding Jackson Financial or generate 0.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 57.14% |
| Values | Daily Returns |
Jackson Financial vs. CIGNA P 325
Performance |
| Timeline |
| Jackson Financial |
| CIGNA P 325 |
Jackson Financial and CIGNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and CIGNA
The main advantage of trading using opposite Jackson Financial and CIGNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, CIGNA 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 CIGNA will offset losses from the drop in CIGNA's long position.| Jackson Financial vs. Asure Software | Jackson Financial vs. Assurant | Jackson Financial vs. Sun Life Financial | Jackson Financial vs. GoHealth |
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
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like |