Correlation Between JEFFERIES and Jackson Financial
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By analyzing existing cross correlation between JEFFERIES GROUP INC and Jackson Financial, you can compare the effects of market volatilities on JEFFERIES and Jackson Financial 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 Jackson Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of JEFFERIES and Jackson Financial.
Diversification Opportunities for JEFFERIES and Jackson Financial
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JEFFERIES and Jackson is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding JEFFERIES GROUP INC and Jackson Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jackson 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 Jackson Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jackson Financial has no effect on the direction of JEFFERIES i.e., JEFFERIES and Jackson Financial go up and down completely randomly.
Pair Corralation between JEFFERIES and Jackson Financial
Assuming the 90 days trading horizon JEFFERIES GROUP INC is expected to under-perform the Jackson Financial. In addition to that, JEFFERIES is 3.58 times more volatile than Jackson Financial. It trades about -0.07 of its total potential returns per unit of risk. Jackson Financial is currently generating about 0.06 per unit of volatility. If you would invest 2,678 in Jackson Financial on September 12, 2024 and sell it today you would earn a total of 16.00 from holding Jackson Financial or generate 0.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 81.82% |
| Values | Daily Returns |
JEFFERIES GROUP INC vs. Jackson Financial
Performance |
| Timeline |
| JEFFERIES GROUP INC |
| Jackson Financial |
JEFFERIES and Jackson Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JEFFERIES and Jackson Financial
The main advantage of trading using opposite JEFFERIES and Jackson Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JEFFERIES position performs unexpectedly, Jackson Financial 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 Jackson Financial will offset losses from the drop in Jackson Financial's long position.| JEFFERIES vs. RBC Bearings Incorporated | JEFFERIES vs. Ambev SA ADR | JEFFERIES vs. Nyxoah | JEFFERIES vs. Keurig Dr Pepper |
| Jackson Financial vs. Everus Construction Group | Jackson Financial vs. EMCOR Group | Jackson Financial vs. Plexus Corp | Jackson Financial vs. ChampionX |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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