Correlation Between Jackson Financial and Navient
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jackson Financial and Navient 5 percent, you can compare the effects of market volatilities on Jackson Financial and Navient 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 Navient. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and Navient.
Diversification Opportunities for Jackson Financial and Navient
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Jackson and Navient is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and Navient 5 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Navient 5 percent 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 Navient. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Navient 5 percent has no effect on the direction of Jackson Financial i.e., Jackson Financial and Navient go up and down completely randomly.
Pair Corralation between Jackson Financial and Navient
Assuming the 90 days trading horizon Jackson Financial is expected to generate 55.65 times less return on investment than Navient. But when comparing it to its historical volatility, Jackson Financial is 65.1 times less risky than Navient. It trades about 0.07 of its potential returns per unit of risk. Navient 5 percent is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 8,725 in Navient 5 percent on December 2, 2024 and sell it today you would earn a total of 1,166 from holding Navient 5 percent or generate 13.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.99% |
| Values | Daily Returns |
Jackson Financial vs. Navient 5 percent
Performance |
| Timeline |
| Jackson Financial |
| Navient 5 percent |
Jackson Financial and Navient Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and Navient
The main advantage of trading using opposite Jackson Financial and Navient positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, Navient 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 Navient will offset losses from the drop in Navient's long position.| Jackson Financial vs. nLIGHT Inc | Jackson Financial vs. Trio Tech International | Jackson Financial vs. Coda Octopus Group | Jackson Financial vs. Allient |
| Navient vs. Lizhan Environmental | Navient vs. Grupo Simec SAB | Navient vs. Ironveld Plc | Navient vs. Corning Incorporated |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |