Correlation Between Redbubble and Jd Com Inc

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Can any of the company-specific risk be diversified away by investing in both Redbubble and Jd Com Inc 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 Redbubble and Jd Com Inc into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Redbubble Limited and Jd Com Inc, you can compare the effects of market volatilities on Redbubble and Jd Com Inc 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 Redbubble with a short position of Jd Com Inc. Check out your portfolio center. Please also check ongoing floating volatility patterns of Redbubble and Jd Com Inc.

Diversification Opportunities for Redbubble and Jd Com Inc

-0.21
  Correlation Coefficient

Very good diversification

The 3 months correlation between Redbubble and JDCMF is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Redbubble Limited and Jd Com Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jd Com Inc and Redbubble 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 Redbubble Limited are associated (or correlated) with Jd Com Inc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jd Com Inc has no effect on the direction of Redbubble i.e., Redbubble and Jd Com Inc go up and down completely randomly.

Pair Corralation between Redbubble and Jd Com Inc

Assuming the 90 days horizon Redbubble Limited is expected to under-perform the Jd Com Inc. In addition to that, Redbubble is 1.03 times more volatile than Jd Com Inc. It trades about -0.08 of its total potential returns per unit of risk. Jd Com Inc is currently generating about -0.02 per unit of volatility. If you would invest  1,876  in Jd Com Inc on August 29, 2024 and sell it today you would lose (103.00) from holding Jd Com Inc or give up 5.49% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Redbubble Limited  vs.  Jd Com Inc

 Performance 
       Timeline  
Redbubble Limited 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Redbubble Limited has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's fundamental drivers remain nearly stable which may send shares a bit higher in December 2024. The current disturbance may also be a sign of long-run up-swing for the company stockholders.
Jd Com Inc 

Risk-Adjusted Performance

6 of 100

 
Weak
 
Strong
Modest
Compared to the overall equity markets, risk-adjusted returns on investments in Jd Com Inc are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite nearly uncertain primary indicators, Jd Com Inc reported solid returns over the last few months and may actually be approaching a breakup point.

Redbubble and Jd Com Inc Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Redbubble and Jd Com Inc

The main advantage of trading using opposite Redbubble and Jd Com Inc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Redbubble position performs unexpectedly, Jd Com Inc 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 Jd Com Inc will offset losses from the drop in Jd Com Inc's long position.
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The idea behind Redbubble Limited and Jd Com Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Managers module to screen money managers from public funds and ETFs managed around the world.

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