Correlation Between JEFFERIES and Fortinet
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By analyzing existing cross correlation between JEFFERIES GROUP INC and Fortinet, you can compare the effects of market volatilities on JEFFERIES and Fortinet 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 Fortinet. Check out your portfolio center. Please also check ongoing floating volatility patterns of JEFFERIES and Fortinet.
Diversification Opportunities for JEFFERIES and Fortinet
Very good diversification
The 3 months correlation between JEFFERIES and Fortinet is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding JEFFERIES GROUP INC and Fortinet in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fortinet 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 Fortinet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fortinet has no effect on the direction of JEFFERIES i.e., JEFFERIES and Fortinet go up and down completely randomly.
Pair Corralation between JEFFERIES and Fortinet
Assuming the 90 days trading horizon JEFFERIES GROUP INC is expected to under-perform the Fortinet. But the bond apears to be less risky and, when comparing its historical volatility, JEFFERIES GROUP INC is 1.08 times less risky than Fortinet. The bond trades about -0.07 of its potential returns per unit of risk. The Fortinet is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 9,718 in Fortinet on September 12, 2024 and sell it today you would lose (5.00) from holding Fortinet or give up 0.05% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 81.82% |
| Values | Daily Returns |
JEFFERIES GROUP INC vs. Fortinet
Performance |
| Timeline |
| JEFFERIES GROUP INC |
| Fortinet |
JEFFERIES and Fortinet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JEFFERIES and Fortinet
The main advantage of trading using opposite JEFFERIES and Fortinet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JEFFERIES position performs unexpectedly, Fortinet 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 Fortinet will offset losses from the drop in Fortinet's long position.| JEFFERIES vs. RBC Bearings Incorporated | JEFFERIES vs. Ambev SA ADR | JEFFERIES vs. Nyxoah | JEFFERIES vs. Keurig Dr Pepper |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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