Correlation Between JEFFERIES and Juniata Valley
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By analyzing existing cross correlation between JEFFERIES GROUP INC and Juniata Valley Financial, you can compare the effects of market volatilities on JEFFERIES 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 JEFFERIES with a short position of Juniata Valley. Check out your portfolio center. Please also check ongoing floating volatility patterns of JEFFERIES and Juniata Valley.
Diversification Opportunities for JEFFERIES and Juniata Valley
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between JEFFERIES and Juniata is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding JEFFERIES GROUP INC 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 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 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 JEFFERIES i.e., JEFFERIES and Juniata Valley go up and down completely randomly.
Pair Corralation between JEFFERIES and Juniata Valley
Assuming the 90 days trading horizon JEFFERIES GROUP INC is expected to generate 2.35 times more return on investment than Juniata Valley. However, JEFFERIES is 2.35 times more volatile than Juniata Valley Financial. It trades about 0.26 of its potential returns per unit of risk. Juniata Valley Financial is currently generating about -0.11 per unit of risk. If you would invest 10,362 in JEFFERIES GROUP INC on October 23, 2024 and sell it today you would earn a total of 578.00 from holding JEFFERIES GROUP INC or generate 5.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 33.33% |
| Values | Daily Returns |
JEFFERIES GROUP INC vs. Juniata Valley Financial
Performance |
| Timeline |
| JEFFERIES GROUP INC |
| Juniata Valley Financial |
JEFFERIES and Juniata Valley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JEFFERIES and Juniata Valley
The main advantage of trading using opposite JEFFERIES and Juniata Valley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JEFFERIES 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.| JEFFERIES vs. Juniata Valley Financial | JEFFERIES vs. Summit Bank Group | JEFFERIES vs. Encore Capital Group | JEFFERIES vs. Gatos Silver |
| 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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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