Correlation Between Sea Oil and Jay Mart
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By analyzing existing cross correlation between Sea Oil Public and Jay Mart Public, you can compare the effects of market volatilities on Sea Oil and Jay Mart 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 Sea Oil with a short position of Jay Mart. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sea Oil and Jay Mart.
Diversification Opportunities for Sea Oil and Jay Mart
Good diversification
The 3 months correlation between Sea and Jay is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Sea Oil Public and Jay Mart Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jay Mart Public and Sea Oil 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 Sea Oil Public are associated (or correlated) with Jay Mart. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jay Mart Public has no effect on the direction of Sea Oil i.e., Sea Oil and Jay Mart go up and down completely randomly.
Pair Corralation between Sea Oil and Jay Mart
Assuming the 90 days trading horizon Sea Oil Public is expected to generate 0.41 times more return on investment than Jay Mart. However, Sea Oil Public is 2.45 times less risky than Jay Mart. It trades about 0.03 of its potential returns per unit of risk. Jay Mart Public is currently generating about -0.13 per unit of risk. If you would invest 254.00 in Sea Oil Public on September 1, 2024 and sell it today you would earn a total of 2.00 from holding Sea Oil Public or generate 0.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sea Oil Public vs. Jay Mart Public
Performance |
| Timeline |
| Sea Oil Public |
| Jay Mart Public |
Sea Oil and Jay Mart Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sea Oil and Jay Mart
The main advantage of trading using opposite Sea Oil and Jay Mart positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sea Oil position performs unexpectedly, Jay Mart 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 Jay Mart will offset losses from the drop in Jay Mart's long position.| Sea Oil vs. Star Petroleum Refining | Sea Oil vs. Power Solution Technologies | Sea Oil vs. Kingsmen CMTI Public | Sea Oil vs. Project Planning Service |
| Jay Mart vs. Jay Mart Public | Jay Mart vs. Krungthai Card Public | Jay Mart vs. Kasikornbank Public | Jay Mart vs. KERRY EXPRESS |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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