Correlation Between Teradyne and JEFFERIES
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By analyzing existing cross correlation between Teradyne and JEFFERIES GROUP LLC, you can compare the effects of market volatilities on Teradyne and JEFFERIES 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 Teradyne with a short position of JEFFERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Teradyne and JEFFERIES.
Diversification Opportunities for Teradyne and JEFFERIES
Very good diversification
The 3 months correlation between Teradyne and JEFFERIES is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Teradyne and JEFFERIES GROUP LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JEFFERIES GROUP LLC and Teradyne 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 Teradyne are associated (or correlated) with JEFFERIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JEFFERIES GROUP LLC has no effect on the direction of Teradyne i.e., Teradyne and JEFFERIES go up and down completely randomly.
Pair Corralation between Teradyne and JEFFERIES
Considering the 90-day investment horizon Teradyne is expected to under-perform the JEFFERIES. In addition to that, Teradyne is 3.37 times more volatile than JEFFERIES GROUP LLC. It trades about -0.12 of its total potential returns per unit of risk. JEFFERIES GROUP LLC is currently generating about 0.12 per unit of volatility. If you would invest 9,554 in JEFFERIES GROUP LLC on November 3, 2024 and sell it today you would earn a total of 233.00 from holding JEFFERIES GROUP LLC or generate 2.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Teradyne vs. JEFFERIES GROUP LLC
Performance |
| Timeline |
| Teradyne |
| JEFFERIES GROUP LLC |
Teradyne and JEFFERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Teradyne and JEFFERIES
The main advantage of trading using opposite Teradyne and JEFFERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Teradyne position performs unexpectedly, JEFFERIES 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 JEFFERIES will offset losses from the drop in JEFFERIES's long position.| Teradyne vs. IPG Photonics | Teradyne vs. Ultra Clean Holdings | Teradyne vs. Onto Innovation | Teradyne vs. Cohu Inc |
| JEFFERIES vs. Pentair PLC | JEFFERIES vs. Molecular Partners AG | JEFFERIES vs. Air Lease | JEFFERIES vs. Western Digital |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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