Correlation Between PGT Innovations and Jeld Wen
Can any of the company-specific risk be diversified away by investing in both PGT Innovations and Jeld Wen 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 PGT Innovations and Jeld Wen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PGT Innovations and Jeld Wen Holding, you can compare the effects of market volatilities on PGT Innovations and Jeld Wen 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 PGT Innovations with a short position of Jeld Wen. Check out your portfolio center. Please also check ongoing floating volatility patterns of PGT Innovations and Jeld Wen.
Diversification Opportunities for PGT Innovations and Jeld Wen
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PGT and Jeld is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PGT Innovations and Jeld Wen Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jeld Wen Holding and PGT Innovations 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 PGT Innovations are associated (or correlated) with Jeld Wen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jeld Wen Holding has no effect on the direction of PGT Innovations i.e., PGT Innovations and Jeld Wen go up and down completely randomly.
Pair Corralation between PGT Innovations and Jeld Wen
If you would invest 819.00 in Jeld Wen Holding on November 1, 2024 and sell it today you would earn a total of 118.00 from holding Jeld Wen Holding or generate 14.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
PGT Innovations vs. Jeld Wen Holding
Performance |
| Timeline |
| PGT Innovations |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Jeld Wen Holding |
PGT Innovations and Jeld Wen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PGT Innovations and Jeld Wen
The main advantage of trading using opposite PGT Innovations and Jeld Wen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PGT Innovations position performs unexpectedly, Jeld Wen 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 Jeld Wen will offset losses from the drop in Jeld Wen's long position.| PGT Innovations vs. Quanex Building Products | PGT Innovations vs. Janus International Group | PGT Innovations vs. Interface | PGT Innovations vs. Apogee Enterprises |
| Jeld Wen vs. Gibraltar Industries | Jeld Wen vs. Quanex Building Products | Jeld Wen vs. Perma Pipe International Holdings | Jeld Wen vs. Interface |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |