Correlation Between 594918BL7 and Juniata Valley
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By analyzing existing cross correlation between MICROSOFT P 445 and Juniata Valley Financial, you can compare the effects of market volatilities on 594918BL7 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 594918BL7 with a short position of Juniata Valley. Check out your portfolio center. Please also check ongoing floating volatility patterns of 594918BL7 and Juniata Valley.
Diversification Opportunities for 594918BL7 and Juniata Valley
-0.3 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 594918BL7 and Juniata is -0.3. Overlapping area represents the amount of risk that can be diversified away by holding MICROSOFT P 445 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 594918BL7 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 MICROSOFT P 445 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 594918BL7 i.e., 594918BL7 and Juniata Valley go up and down completely randomly.
Pair Corralation between 594918BL7 and Juniata Valley
Assuming the 90 days trading horizon MICROSOFT P 445 is expected to under-perform the Juniata Valley. In addition to that, 594918BL7 is 1.01 times more volatile than Juniata Valley Financial. It trades about -0.04 of its total potential returns per unit of risk. Juniata Valley Financial is currently generating about 0.21 per unit of volatility. If you would invest 1,226 in Juniata Valley Financial on September 1, 2024 and sell it today you would earn a total of 124.00 from holding Juniata Valley Financial or generate 10.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
MICROSOFT P 445 vs. Juniata Valley Financial
Performance |
| Timeline |
| MICROSOFT P 445 |
| Juniata Valley Financial |
594918BL7 and Juniata Valley Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 594918BL7 and Juniata Valley
The main advantage of trading using opposite 594918BL7 and Juniata Valley positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 594918BL7 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.| 594918BL7 vs. AEP TEX INC | 594918BL7 vs. US BANK NATIONAL | 594918BL7 vs. Bank of America | 594918BL7 vs. GE Aerospace |
| Juniata Valley vs. HUMANA INC | Juniata Valley vs. SCOR PK | Juniata Valley vs. Aquagold International | Juniata Valley vs. Thrivent High Yield |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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