Correlation Between ASSURED and Juniata Valley
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By analyzing existing cross correlation between ASSURED GTY HLDGS and Juniata Valley Financial, you can compare the effects of market volatilities on ASSURED and Juniata Valley 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 ASSURED with a short position of Juniata Valley. Check out your portfolio center. Please also check ongoing floating volatility patterns of ASSURED and Juniata Valley.
Diversification Opportunities for ASSURED and Juniata Valley
-0.32 | Correlation Coefficient |
Very good diversification
The 3 months correlation between ASSURED and Juniata is -0.32. Overlapping area represents the amount of risk that can be diversified away by holding ASSURED GTY HLDGS and Juniata Valley Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juniata Valley Financial and ASSURED 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 ASSURED GTY HLDGS are associated (or correlated) with Juniata Valley. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juniata Valley Financial has no effect on the direction of ASSURED i.e., ASSURED and Juniata Valley go up and down completely randomly.
Pair Corralation between ASSURED and Juniata Valley
Assuming the 90 days trading horizon ASSURED is expected to generate 4.26 times less return on investment than Juniata Valley. But when comparing it to its historical volatility, ASSURED GTY HLDGS is 2.8 times less risky than Juniata Valley. It trades about 0.02 of its potential returns per unit of risk. Juniata Valley Financial is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,354 in Juniata Valley Financial on August 31, 2024 and sell it today you would lose (79.00) from holding Juniata Valley Financial or give up 5.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 91.29% |
| Values | Daily Returns |
ASSURED GTY HLDGS vs. Juniata Valley Financial
Performance |
| Timeline |
| ASSURED GTY HLDGS |
| Juniata Valley Financial |
ASSURED and Juniata Valley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ASSURED and Juniata Valley
The main advantage of trading using opposite ASSURED and Juniata Valley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ASSURED position performs unexpectedly, Juniata Valley 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 Juniata Valley will offset losses from the drop in Juniata Valley's long position.| ASSURED vs. Newpark Resources | ASSURED vs. IPG Photonics | ASSURED vs. ScanSource | ASSURED vs. Arrow Electronics |
| Juniata Valley vs. FNB Inc | Juniata Valley vs. Apollo Bancorp | Juniata Valley vs. Commercial National Financial | Juniata Valley vs. Eastern Michigan Financial |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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