Correlation Between Jackson Financial and SUMITOMO
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By analyzing existing cross correlation between Jackson Financial and SUMITOMO MITSUI FINL, you can compare the effects of market volatilities on Jackson Financial and SUMITOMO 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 SUMITOMO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jackson Financial and SUMITOMO.
Diversification Opportunities for Jackson Financial and SUMITOMO
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Jackson and SUMITOMO is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Jackson Financial and SUMITOMO MITSUI FINL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUMITOMO MITSUI FINL 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 SUMITOMO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUMITOMO MITSUI FINL has no effect on the direction of Jackson Financial i.e., Jackson Financial and SUMITOMO go up and down completely randomly.
Pair Corralation between Jackson Financial and SUMITOMO
Assuming the 90 days trading horizon Jackson Financial is expected to generate 0.94 times more return on investment than SUMITOMO. However, Jackson Financial is 1.07 times less risky than SUMITOMO. It trades about 0.09 of its potential returns per unit of risk. SUMITOMO MITSUI FINL is currently generating about 0.0 per unit of risk. If you would invest 2,219 in Jackson Financial on September 12, 2024 and sell it today you would earn a total of 466.00 from holding Jackson Financial or generate 21.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 82.67% |
| Values | Daily Returns |
Jackson Financial vs. SUMITOMO MITSUI FINL
Performance |
| Timeline |
| Jackson Financial |
| SUMITOMO MITSUI FINL |
Jackson Financial and SUMITOMO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jackson Financial and SUMITOMO
The main advantage of trading using opposite Jackson Financial and SUMITOMO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jackson Financial position performs unexpectedly, SUMITOMO 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 SUMITOMO will offset losses from the drop in SUMITOMO's long position.| Jackson Financial vs. Everus Construction Group | Jackson Financial vs. EMCOR Group | Jackson Financial vs. Plexus Corp | Jackson Financial vs. ChampionX |
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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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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