Correlation Between NYSE Composite and SMUCKER
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By analyzing existing cross correlation between NYSE Composite and SMUCKER J M, you can compare the effects of market volatilities on NYSE Composite 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 NYSE Composite with a short position of SMUCKER. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and SMUCKER.
Diversification Opportunities for NYSE Composite and SMUCKER
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between NYSE and SMUCKER is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite 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 NYSE Composite 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 NYSE Composite 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 NYSE Composite i.e., NYSE Composite and SMUCKER go up and down completely randomly.
Pair Corralation between NYSE Composite and SMUCKER
Assuming the 90 days trading horizon NYSE Composite is expected to generate 0.24 times more return on investment than SMUCKER. However, NYSE Composite is 4.14 times less risky than SMUCKER. It trades about 0.08 of its potential returns per unit of risk. SMUCKER J M is currently generating about 0.02 per unit of risk. If you would invest 1,556,254 in NYSE Composite on September 3, 2024 and sell it today you would earn a total of 470,950 from holding NYSE Composite or generate 30.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 43.03% |
| Values | Daily Returns |
NYSE Composite vs. SMUCKER J M
Performance |
| Timeline |
NYSE Composite and SMUCKER Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
SMUCKER J M
Pair trading matchups for SMUCKER
Pair Trading with NYSE Composite and SMUCKER
The main advantage of trading using opposite NYSE Composite and SMUCKER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite 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.| NYSE Composite vs. Lindblad Expeditions Holdings | NYSE Composite vs. LB Foster | NYSE Composite vs. HUTCHMED DRC | NYSE Composite vs. Bridgford Foods |
| SMUCKER vs. KeyCorp | SMUCKER vs. Philip Morris International | SMUCKER vs. Juniata Valley Financial | SMUCKER vs. Chiba Bank Ltd |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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