Correlation Between Pakistan Synthetics and JS Global
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By analyzing existing cross correlation between Pakistan Synthetics and JS Global Banking, you can compare the effects of market volatilities on Pakistan Synthetics 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 Synthetics with a short position of JS Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pakistan Synthetics and JS Global.
Diversification Opportunities for Pakistan Synthetics and JS Global
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Pakistan and JSGBETF is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Pakistan Synthetics 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 Synthetics 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 Synthetics 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 Synthetics i.e., Pakistan Synthetics and JS Global go up and down completely randomly.
Pair Corralation between Pakistan Synthetics and JS Global
Assuming the 90 days trading horizon Pakistan Synthetics is expected to generate 0.86 times more return on investment than JS Global. However, Pakistan Synthetics is 1.17 times less risky than JS Global. It trades about 0.21 of its potential returns per unit of risk. JS Global Banking is currently generating about 0.14 per unit of risk. If you would invest 2,541 in Pakistan Synthetics on August 25, 2024 and sell it today you would earn a total of 352.00 from holding Pakistan Synthetics or generate 13.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pakistan Synthetics vs. JS Global Banking
Performance |
| Timeline |
| Pakistan Synthetics |
| JS Global Banking |
Pakistan Synthetics and JS Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pakistan Synthetics and JS Global
The main advantage of trading using opposite Pakistan Synthetics and JS Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pakistan Synthetics 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 Synthetics vs. Masood Textile Mills | Pakistan Synthetics vs. Fauji Foods | Pakistan Synthetics vs. KSB Pumps | Pakistan Synthetics vs. Mari Petroleum |
| JS Global vs. Habib Insurance | JS Global vs. Ghandhara Automobile | JS Global vs. Century Insurance | JS Global vs. Reliance Weaving Mills |
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 CEOs Directory module to screen CEOs from public companies around the world.
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