Correlation Between JEFFERIES and Proficient Auto
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By analyzing existing cross correlation between JEFFERIES GROUP INC and Proficient Auto Logistics,, you can compare the effects of market volatilities on JEFFERIES and Proficient Auto 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 JEFFERIES with a short position of Proficient Auto. Check out your portfolio center. Please also check ongoing floating volatility patterns of JEFFERIES and Proficient Auto.
Diversification Opportunities for JEFFERIES and Proficient Auto
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JEFFERIES and Proficient is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding JEFFERIES GROUP INC and Proficient Auto Logistics, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Proficient Auto Logi and JEFFERIES 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 JEFFERIES GROUP INC are associated (or correlated) with Proficient Auto. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Proficient Auto Logi has no effect on the direction of JEFFERIES i.e., JEFFERIES and Proficient Auto go up and down completely randomly.
Pair Corralation between JEFFERIES and Proficient Auto
Assuming the 90 days trading horizon JEFFERIES GROUP INC is expected to generate 0.19 times more return on investment than Proficient Auto. However, JEFFERIES GROUP INC is 5.19 times less risky than Proficient Auto. It trades about 0.0 of its potential returns per unit of risk. Proficient Auto Logistics, is currently generating about -0.05 per unit of risk. If you would invest 10,558 in JEFFERIES GROUP INC on September 3, 2024 and sell it today you would lose (261.00) from holding JEFFERIES GROUP INC or give up 2.47% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 30.43% |
| Values | Daily Returns |
JEFFERIES GROUP INC vs. Proficient Auto Logistics,
Performance |
| Timeline |
| JEFFERIES GROUP INC |
| Proficient Auto Logi |
JEFFERIES and Proficient Auto Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JEFFERIES and Proficient Auto
The main advantage of trading using opposite JEFFERIES and Proficient Auto positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JEFFERIES position performs unexpectedly, Proficient Auto 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 Proficient Auto will offset losses from the drop in Proficient Auto's long position.| JEFFERIES vs. Proficient Auto Logistics, | JEFFERIES vs. Verra Mobility Corp | JEFFERIES vs. Pekin Life Insurance | JEFFERIES vs. The Hanover Insurance |
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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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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