Correlation Between Pakistan Refinery and JS Global
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By analyzing existing cross correlation between Pakistan Refinery and JS Global Banking, you can compare the effects of market volatilities on Pakistan Refinery and JS Global 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 Pakistan Refinery with a short position of JS Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pakistan Refinery and JS Global.
Diversification Opportunities for Pakistan Refinery and JS Global
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Pakistan and JSGBETF is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Pakistan Refinery and JS Global Banking in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JS Global Banking and Pakistan Refinery 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 Pakistan Refinery are associated (or correlated) with JS Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JS Global Banking has no effect on the direction of Pakistan Refinery i.e., Pakistan Refinery and JS Global go up and down completely randomly.
Pair Corralation between Pakistan Refinery and JS Global
Assuming the 90 days trading horizon Pakistan Refinery is expected to generate 1.11 times less return on investment than JS Global. In addition to that, Pakistan Refinery is 1.2 times more volatile than JS Global Banking. It trades about 0.21 of its total potential returns per unit of risk. JS Global Banking is currently generating about 0.28 per unit of volatility. If you would invest 1,902 in JS Global Banking on September 3, 2024 and sell it today you would earn a total of 273.00 from holding JS Global Banking or generate 14.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Pakistan Refinery vs. JS Global Banking
Performance |
| Timeline |
| Pakistan Refinery |
| JS Global Banking |
Pakistan Refinery and JS Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pakistan Refinery and JS Global
The main advantage of trading using opposite Pakistan Refinery and JS Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pakistan Refinery position performs unexpectedly, JS Global 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 JS Global will offset losses from the drop in JS Global's long position.| Pakistan Refinery vs. Roshan Packages | Pakistan Refinery vs. Crescent Star Insurance | Pakistan Refinery vs. East West Insurance | Pakistan Refinery vs. United Insurance |
| JS Global vs. Habib Insurance | JS Global vs. Pakistan Refinery | JS Global vs. Century Insurance | JS Global vs. Al Khair Gadoon Limited |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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