Correlation Between JPM Global and Esfera Robotics
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By analyzing existing cross correlation between JPM Global Natural and Esfera Robotics R, you can compare the effects of market volatilities on JPM Global and Esfera Robotics 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 JPM Global with a short position of Esfera Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPM Global and Esfera Robotics.
Diversification Opportunities for JPM Global and Esfera Robotics
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JPM and Esfera is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding JPM Global Natural and Esfera Robotics R in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Esfera Robotics R and JPM Global 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 JPM Global Natural are associated (or correlated) with Esfera Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Esfera Robotics R has no effect on the direction of JPM Global i.e., JPM Global and Esfera Robotics go up and down completely randomly.
Pair Corralation between JPM Global and Esfera Robotics
Assuming the 90 days trading horizon JPM Global is expected to generate 1.77 times less return on investment than Esfera Robotics. But when comparing it to its historical volatility, JPM Global Natural is 1.02 times less risky than Esfera Robotics. It trades about 0.06 of its potential returns per unit of risk. Esfera Robotics R is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 21,080 in Esfera Robotics R on August 30, 2024 and sell it today you would earn a total of 14,502 from holding Esfera Robotics R or generate 68.8% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 39.48% |
| Values | Daily Returns |
JPM Global Natural vs. Esfera Robotics R
Performance |
| Timeline |
| JPM Global Natural |
| Esfera Robotics R |
JPM Global and Esfera Robotics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPM Global and Esfera Robotics
The main advantage of trading using opposite JPM Global and Esfera Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPM Global position performs unexpectedly, Esfera Robotics 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 Esfera Robotics will offset losses from the drop in Esfera Robotics' long position.| JPM Global vs. JPM Europe Small | JPM Global vs. JPM Emerging Markets | JPM Global vs. Esfera Robotics R | JPM Global vs. R co Valor F |
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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 CEOs Directory module to screen CEOs from public companies around the world.
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