Correlation Between Pgim Jennison and Jacob Funds
Can any of the company-specific risk be diversified away by investing in both Pgim Jennison and Jacob Funds at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Pgim Jennison and Jacob Funds into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pgim Jennison Technology and Jacob Funds , you can compare the effects of market volatilities on Pgim Jennison and Jacob Funds 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 Pgim Jennison with a short position of Jacob Funds. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pgim Jennison and Jacob Funds.
Diversification Opportunities for Pgim Jennison and Jacob Funds
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Pgim and Jacob is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Pgim Jennison Technology and Jacob Funds in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jacob Funds and Pgim Jennison 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 Pgim Jennison Technology are associated (or correlated) with Jacob Funds. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jacob Funds has no effect on the direction of Pgim Jennison i.e., Pgim Jennison and Jacob Funds go up and down completely randomly.
Pair Corralation between Pgim Jennison and Jacob Funds
If you would invest 2,492 in Pgim Jennison Technology on September 4, 2024 and sell it today you would earn a total of 173.00 from holding Pgim Jennison Technology or generate 6.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 4.76% |
| Values | Daily Returns |
Pgim Jennison Technology vs. Jacob Funds
Performance |
| Timeline |
| Pgim Jennison Technology |
| Jacob Funds |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Pgim Jennison and Jacob Funds Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pgim Jennison and Jacob Funds
The main advantage of trading using opposite Pgim Jennison and Jacob Funds positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pgim Jennison position performs unexpectedly, Jacob Funds 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 Jacob Funds will offset losses from the drop in Jacob Funds' long position.| Pgim Jennison vs. Rbb Fund | Pgim Jennison vs. Rbc Microcap Value | Pgim Jennison vs. T Rowe Price | Pgim Jennison vs. Volumetric Fund Volumetric |
| Jacob Funds vs. Goldman Sachs High | Jacob Funds vs. Ab Global Risk | Jacob Funds vs. Ab High Income | Jacob Funds vs. T Rowe Price |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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