Correlation Between Jackson Financial and EATON
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By analyzing existing cross correlation between Jackson Financial and EATON VANCE P, you can compare the effects of market volatilities on Jackson Financial and EATON 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 EATON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and EATON.
Diversification Opportunities for Jackson Financial and EATON
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jackson and EATON is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and EATON VANCE P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EATON VANCE P 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 EATON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EATON VANCE P has no effect on the direction of Jackson Financial i.e., Jackson Financial and EATON go up and down completely randomly.
Pair Corralation between Jackson Financial and EATON
Assuming the 90 days trading horizon Jackson Financial is expected to generate 1.13 times more return on investment than EATON. However, Jackson Financial is 1.13 times more volatile than EATON VANCE P. It trades about 0.09 of its potential returns per unit of risk. EATON VANCE P is currently generating about 0.02 per unit of risk. If you would invest 2,296 in Jackson Financial on September 4, 2024 and sell it today you would earn a total of 434.00 from holding Jackson Financial or generate 18.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 75.52% |
| Values | Daily Returns |
Jackson Financial vs. EATON VANCE P
Performance |
| Timeline |
| Jackson Financial |
| EATON VANCE P |
Jackson Financial and EATON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and EATON
The main advantage of trading using opposite Jackson Financial and EATON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, EATON 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 EATON will offset losses from the drop in EATON'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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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