Correlation Between Sa Global and Jhancock Disciplined
Can any of the company-specific risk be diversified away by investing in both Sa Global and Jhancock Disciplined 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 Sa Global and Jhancock Disciplined into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sa Global Fixed and Jhancock Disciplined Value, you can compare the effects of market volatilities on Sa Global and Jhancock Disciplined 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 Sa Global with a short position of Jhancock Disciplined. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sa Global and Jhancock Disciplined.
Diversification Opportunities for Sa Global and Jhancock Disciplined
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between SAXIX and Jhancock is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Sa Global Fixed and Jhancock Disciplined Value in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jhancock Disciplined and Sa Global 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 Sa Global Fixed are associated (or correlated) with Jhancock Disciplined. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jhancock Disciplined has no effect on the direction of Sa Global i.e., Sa Global and Jhancock Disciplined go up and down completely randomly.
Pair Corralation between Sa Global and Jhancock Disciplined
Assuming the 90 days horizon Sa Global Fixed is expected to generate 0.22 times more return on investment than Jhancock Disciplined. However, Sa Global Fixed is 4.65 times less risky than Jhancock Disciplined. It trades about 0.4 of its potential returns per unit of risk. Jhancock Disciplined Value is currently generating about -0.18 per unit of risk. If you would invest 883.00 in Sa Global Fixed on September 13, 2024 and sell it today you would earn a total of 9.00 from holding Sa Global Fixed or generate 1.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sa Global Fixed vs. Jhancock Disciplined Value
Performance |
| Timeline |
| Sa Global Fixed |
| Jhancock Disciplined |
Sa Global and Jhancock Disciplined Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sa Global and Jhancock Disciplined
The main advantage of trading using opposite Sa Global and Jhancock Disciplined positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sa Global position performs unexpectedly, Jhancock Disciplined 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 Jhancock Disciplined will offset losses from the drop in Jhancock Disciplined's long position.| Sa Global vs. Calamos Dynamic Convertible | Sa Global vs. Allianzgi Convertible Income | Sa Global vs. Putnam Convertible Incm Gwth | Sa Global vs. Advent Claymore Convertible |
| Jhancock Disciplined vs. Morningstar Unconstrained Allocation | Jhancock Disciplined vs. Aqr Large Cap | Jhancock Disciplined vs. Fisher Large Cap |
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.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Stocks Directory Find actively traded stocks across global markets | |
| Global Correlations Find global opportunities by holding instruments from different markets |