Correlation Between Firsthand Technology and Jpmorgan Intrepid
Can any of the company-specific risk be diversified away by investing in both Firsthand Technology and Jpmorgan Intrepid 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 Firsthand Technology and Jpmorgan Intrepid into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Firsthand Technology Opportunities and Jpmorgan Intrepid European, you can compare the effects of market volatilities on Firsthand Technology and Jpmorgan Intrepid 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 Firsthand Technology with a short position of Jpmorgan Intrepid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Firsthand Technology and Jpmorgan Intrepid.
Diversification Opportunities for Firsthand Technology and Jpmorgan Intrepid
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Firsthand and Jpmorgan is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Firsthand Technology Opportuni and Jpmorgan Intrepid European in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jpmorgan Intrepid and Firsthand Technology 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 Firsthand Technology Opportunities are associated (or correlated) with Jpmorgan Intrepid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jpmorgan Intrepid has no effect on the direction of Firsthand Technology i.e., Firsthand Technology and Jpmorgan Intrepid go up and down completely randomly.
Pair Corralation between Firsthand Technology and Jpmorgan Intrepid
Assuming the 90 days horizon Firsthand Technology Opportunities is expected to under-perform the Jpmorgan Intrepid. In addition to that, Firsthand Technology is 2.18 times more volatile than Jpmorgan Intrepid European. It trades about 0.0 of its total potential returns per unit of risk. Jpmorgan Intrepid European is currently generating about 0.06 per unit of volatility. If you would invest 2,600 in Jpmorgan Intrepid European on September 13, 2024 and sell it today you would earn a total of 748.00 from holding Jpmorgan Intrepid European or generate 28.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Firsthand Technology Opportuni vs. Jpmorgan Intrepid European
Performance |
| Timeline |
| Firsthand Technology |
| Jpmorgan Intrepid |
Firsthand Technology and Jpmorgan Intrepid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Firsthand Technology and Jpmorgan Intrepid
The main advantage of trading using opposite Firsthand Technology and Jpmorgan Intrepid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Firsthand Technology position performs unexpectedly, Jpmorgan Intrepid 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 Jpmorgan Intrepid will offset losses from the drop in Jpmorgan Intrepid's long position.| Firsthand Technology vs. Berkshire Focus | Firsthand Technology vs. Red Oak Technology | Firsthand Technology vs. Jacob Internet Fund | Firsthand Technology vs. Kinetics Internet Fund |
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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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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