Correlation Between Jackson Financial and 59523UAP2
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By analyzing existing cross correlation between Jackson Financial and MID AMERICA APTS L, you can compare the effects of market volatilities on Jackson Financial and 59523UAP2 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 59523UAP2. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and 59523UAP2.
Diversification Opportunities for Jackson Financial and 59523UAP2
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jackson and 59523UAP2 is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and MID AMERICA APTS L in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MID AMERICA APTS 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 59523UAP2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MID AMERICA APTS has no effect on the direction of Jackson Financial i.e., Jackson Financial and 59523UAP2 go up and down completely randomly.
Pair Corralation between Jackson Financial and 59523UAP2
Assuming the 90 days trading horizon Jackson Financial is expected to generate 0.32 times more return on investment than 59523UAP2. However, Jackson Financial is 3.17 times less risky than 59523UAP2. It trades about 0.03 of its potential returns per unit of risk. MID AMERICA APTS L is currently generating about -0.06 per unit of risk. If you would invest 2,678 in Jackson Financial on September 12, 2024 and sell it today you would earn a total of 7.00 from holding Jackson Financial or generate 0.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 80.95% |
| Values | Daily Returns |
Jackson Financial vs. MID AMERICA APTS L
Performance |
| Timeline |
| Jackson Financial |
| MID AMERICA APTS |
Jackson Financial and 59523UAP2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and 59523UAP2
The main advantage of trading using opposite Jackson Financial and 59523UAP2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, 59523UAP2 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 59523UAP2 will offset losses from the drop in 59523UAP2's long position.| Jackson Financial vs. Everus Construction Group | Jackson Financial vs. EMCOR Group | Jackson Financial vs. Plexus Corp | Jackson Financial vs. ChampionX |
| 59523UAP2 vs. AEP TEX INC | 59523UAP2 vs. US BANK NATIONAL | 59523UAP2 vs. Recursion Pharmaceuticals | 59523UAP2 vs. SoundHound AI |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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