Correlation Between Jackson Financial and GOLDMAN
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By analyzing existing cross correlation between Jackson Financial and GOLDMAN SACHS GROUP, you can compare the effects of market volatilities on Jackson Financial and GOLDMAN 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 GOLDMAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and GOLDMAN.
Diversification Opportunities for Jackson Financial and GOLDMAN
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jackson and GOLDMAN is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and GOLDMAN SACHS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GOLDMAN SACHS GROUP 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 GOLDMAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GOLDMAN SACHS GROUP has no effect on the direction of Jackson Financial i.e., Jackson Financial and GOLDMAN go up and down completely randomly.
Pair Corralation between Jackson Financial and GOLDMAN
Assuming the 90 days trading horizon Jackson Financial is expected to generate 0.31 times more return on investment than GOLDMAN. However, Jackson Financial is 3.19 times less risky than GOLDMAN. It trades about 0.1 of its potential returns per unit of risk. GOLDMAN SACHS GROUP is currently generating about 0.0 per unit of risk. If you would invest 2,529 in Jackson Financial on September 3, 2024 and sell it today you would earn a total of 218.00 from holding Jackson Financial or generate 8.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 42.47% |
| Values | Daily Returns |
Jackson Financial vs. GOLDMAN SACHS GROUP
Performance |
| Timeline |
| Jackson Financial |
| GOLDMAN SACHS GROUP |
Jackson Financial and GOLDMAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and GOLDMAN
The main advantage of trading using opposite Jackson Financial and GOLDMAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, GOLDMAN 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 GOLDMAN will offset losses from the drop in GOLDMAN'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 |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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