Correlation Between Jackson Financial and 743315AP8
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By analyzing existing cross correlation between Jackson Financial and PROGRESSIVE P OH, you can compare the effects of market volatilities on Jackson Financial and 743315AP8 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 743315AP8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and 743315AP8.
Diversification Opportunities for Jackson Financial and 743315AP8
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jackson and 743315AP8 is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and PROGRESSIVE P OH in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PROGRESSIVE P OH 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 743315AP8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PROGRESSIVE P OH has no effect on the direction of Jackson Financial i.e., Jackson Financial and 743315AP8 go up and down completely randomly.
Pair Corralation between Jackson Financial and 743315AP8
Assuming the 90 days trading horizon Jackson Financial is expected to generate 0.27 times more return on investment than 743315AP8. However, Jackson Financial is 3.71 times less risky than 743315AP8. It trades about 0.09 of its potential returns per unit of risk. PROGRESSIVE P OH is currently generating about 0.02 per unit of risk. If you would invest 2,296 in Jackson Financial on September 4, 2024 and sell it today you would earn a total of 434.00 from holding Jackson Financial or generate 18.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 40.0% |
| Values | Daily Returns |
Jackson Financial vs. PROGRESSIVE P OH
Performance |
| Timeline |
| Jackson Financial |
| PROGRESSIVE P OH |
Jackson Financial and 743315AP8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and 743315AP8
The main advantage of trading using opposite Jackson Financial and 743315AP8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, 743315AP8 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 743315AP8 will offset losses from the drop in 743315AP8's long position.| Jackson Financial vs. Asure Software | Jackson Financial vs. Assurant | Jackson Financial vs. Sun Life Financial | Jackson Financial vs. GoHealth |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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