Correlation Between Jackson Financial and NATIONAL
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By analyzing existing cross correlation between Jackson Financial and NATIONAL RURAL UTILS, you can compare the effects of market volatilities on Jackson Financial and NATIONAL 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 NATIONAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and NATIONAL.
Diversification Opportunities for Jackson Financial and NATIONAL
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jackson and NATIONAL is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and NATIONAL RURAL UTILS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NATIONAL RURAL UTILS 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 NATIONAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NATIONAL RURAL UTILS has no effect on the direction of Jackson Financial i.e., Jackson Financial and NATIONAL go up and down completely randomly.
Pair Corralation between Jackson Financial and NATIONAL
Assuming the 90 days trading horizon Jackson Financial is expected to generate 1.12 times less return on investment than NATIONAL. But when comparing it to its historical volatility, Jackson Financial is 2.22 times less risky than NATIONAL. It trades about 0.05 of its potential returns per unit of risk. NATIONAL RURAL UTILS is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 9,302 in NATIONAL RURAL UTILS on September 3, 2024 and sell it today you would earn a total of 336.00 from holding NATIONAL RURAL UTILS or generate 3.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 24.55% |
| Values | Daily Returns |
Jackson Financial vs. NATIONAL RURAL UTILS
Performance |
| Timeline |
| Jackson Financial |
| NATIONAL RURAL UTILS |
Jackson Financial and NATIONAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and NATIONAL
The main advantage of trading using opposite Jackson Financial and NATIONAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, NATIONAL 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 NATIONAL will offset losses from the drop in NATIONAL'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 |
| NATIONAL vs. AEP TEX INC | NATIONAL vs. US BANK NATIONAL | NATIONAL vs. Jackson Financial | NATIONAL vs. MetLife |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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