Correlation Between Jackson Financial and DOMINION
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jackson Financial and DOMINION RES INC, you can compare the effects of market volatilities on Jackson Financial and DOMINION 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 DOMINION. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and DOMINION.
Diversification Opportunities for Jackson Financial and DOMINION
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jackson and DOMINION is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and DOMINION RES INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DOMINION RES INC 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 DOMINION. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DOMINION RES INC has no effect on the direction of Jackson Financial i.e., Jackson Financial and DOMINION go up and down completely randomly.
Pair Corralation between Jackson Financial and DOMINION
Assuming the 90 days trading horizon Jackson Financial is expected to generate 0.92 times more return on investment than DOMINION. However, Jackson Financial is 1.08 times less risky than DOMINION. It trades about 0.1 of its potential returns per unit of risk. DOMINION RES INC is currently generating about 0.01 per unit of risk. If you would invest 2,514 in Jackson Financial on September 12, 2024 and sell it today you would earn a total of 171.00 from holding Jackson Financial or generate 6.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 96.77% |
| Values | Daily Returns |
Jackson Financial vs. DOMINION RES INC
Performance |
| Timeline |
| Jackson Financial |
| DOMINION RES INC |
Jackson Financial and DOMINION Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and DOMINION
The main advantage of trading using opposite Jackson Financial and DOMINION positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, DOMINION 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 DOMINION will offset losses from the drop in DOMINION's long position.| Jackson Financial vs. Everus Construction Group | Jackson Financial vs. EMCOR Group | Jackson Financial vs. Plexus Corp | Jackson Financial vs. ChampionX |
| DOMINION vs. United Microelectronics | DOMINION vs. Dolphin Entertainment | DOMINION vs. Coda Octopus Group | DOMINION vs. BOS Better Online |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |