Correlation Between Signature Eyewear and Jeld Wen
Can any of the company-specific risk be diversified away by investing in both Signature Eyewear and Jeld Wen 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 Signature Eyewear and Jeld Wen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Signature Eyewear and Jeld Wen Holding, you can compare the effects of market volatilities on Signature Eyewear and Jeld Wen 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 Signature Eyewear with a short position of Jeld Wen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Signature Eyewear and Jeld Wen.
Diversification Opportunities for Signature Eyewear and Jeld Wen
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Signature and Jeld is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Signature Eyewear and Jeld Wen Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jeld Wen Holding and Signature Eyewear 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 Signature Eyewear are associated (or correlated) with Jeld Wen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jeld Wen Holding has no effect on the direction of Signature Eyewear i.e., Signature Eyewear and Jeld Wen go up and down completely randomly.
Pair Corralation between Signature Eyewear and Jeld Wen
If you would invest 0.03 in Signature Eyewear on September 12, 2024 and sell it today you would earn a total of 0.00 from holding Signature Eyewear or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
Signature Eyewear vs. Jeld Wen Holding
Performance |
| Timeline |
| Signature Eyewear |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Jeld Wen Holding |
Signature Eyewear and Jeld Wen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Signature Eyewear and Jeld Wen
The main advantage of trading using opposite Signature Eyewear and Jeld Wen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Signature Eyewear position performs unexpectedly, Jeld Wen 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 Jeld Wen will offset losses from the drop in Jeld Wen's long position.| Signature Eyewear vs. Jeld Wen Holding | Signature Eyewear vs. Lipocine | Signature Eyewear vs. EMCOR Group | Signature Eyewear vs. Asure Software |
| Jeld Wen vs. Gibraltar Industries | Jeld Wen vs. Quanex Building Products | Jeld Wen vs. Perma Pipe International Holdings | Jeld Wen vs. Interface |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |