Correlation Between Jackson Financial and ONCOR
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By analyzing existing cross correlation between Jackson Financial and ONCOR ELEC DELIVERY, you can compare the effects of market volatilities on Jackson Financial and ONCOR 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 ONCOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and ONCOR.
Diversification Opportunities for Jackson Financial and ONCOR
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Jackson and ONCOR is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and ONCOR ELEC DELIVERY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ONCOR ELEC DELIVERY 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 ONCOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ONCOR ELEC DELIVERY has no effect on the direction of Jackson Financial i.e., Jackson Financial and ONCOR go up and down completely randomly.
Pair Corralation between Jackson Financial and ONCOR
Assuming the 90 days trading horizon Jackson Financial is expected to generate 0.87 times more return on investment than ONCOR. However, Jackson Financial is 1.14 times less risky than ONCOR. It trades about 0.02 of its potential returns per unit of risk. ONCOR ELEC DELIVERY is currently generating about -0.16 per unit of risk. If you would invest 2,724 in Jackson Financial on September 4, 2024 and sell it today you would earn a total of 6.00 from holding Jackson Financial or generate 0.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Jackson Financial vs. ONCOR ELEC DELIVERY
Performance |
| Timeline |
| Jackson Financial |
| ONCOR ELEC DELIVERY |
Jackson Financial and ONCOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and ONCOR
The main advantage of trading using opposite Jackson Financial and ONCOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, ONCOR 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 ONCOR will offset losses from the drop in ONCOR'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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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