Correlation Between Netflix and SMUCKER
Specify exactly 2 symbols:
By analyzing existing cross correlation between Netflix and SMUCKER J M, you can compare the effects of market volatilities on Netflix and SMUCKER 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 Netflix with a short position of SMUCKER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Netflix and SMUCKER.
Diversification Opportunities for Netflix and SMUCKER
Excellent diversification
The 3 months correlation between Netflix and SMUCKER is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Netflix and SMUCKER J M in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SMUCKER J M and Netflix 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 Netflix are associated (or correlated) with SMUCKER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SMUCKER J M has no effect on the direction of Netflix i.e., Netflix and SMUCKER go up and down completely randomly.
Pair Corralation between Netflix and SMUCKER
Given the investment horizon of 90 days Netflix is expected to generate 8.23 times more return on investment than SMUCKER. However, Netflix is 8.23 times more volatile than SMUCKER J M. It trades about 0.16 of its potential returns per unit of risk. SMUCKER J M is currently generating about 0.01 per unit of risk. If you would invest 63,379 in Netflix on August 31, 2024 and sell it today you would earn a total of 25,302 from holding Netflix or generate 39.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.64% |
| Values | Daily Returns |
Netflix vs. SMUCKER J M
Performance |
| Timeline |
| Netflix |
| SMUCKER J M |
Netflix and SMUCKER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Netflix and SMUCKER
The main advantage of trading using opposite Netflix and SMUCKER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Netflix position performs unexpectedly, SMUCKER 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 SMUCKER will offset losses from the drop in SMUCKER's long position.| Netflix vs. Paramount Global Class | Netflix vs. Roku Inc | Netflix vs. Warner Bros Discovery | Netflix vs. AMC Entertainment Holdings |
| SMUCKER vs. AEP TEX INC | SMUCKER vs. US BANK NATIONAL | SMUCKER vs. FactSet Research Systems | SMUCKER vs. Golden Agri Resources |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |