Correlation Between 828807DP9 and JD Sports
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By analyzing existing cross correlation between SPG 1375 15 JAN 27 and JD Sports Fashion, you can compare the effects of market volatilities on 828807DP9 and JD Sports 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 828807DP9 with a short position of JD Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of 828807DP9 and JD Sports.
Diversification Opportunities for 828807DP9 and JD Sports
Poor diversification
The 3 months correlation between 828807DP9 and JDSPY is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding SPG 1375 15 JAN 27 and JD Sports Fashion in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JD Sports Fashion and 828807DP9 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 SPG 1375 15 JAN 27 are associated (or correlated) with JD Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JD Sports Fashion has no effect on the direction of 828807DP9 i.e., 828807DP9 and JD Sports go up and down completely randomly.
Pair Corralation between 828807DP9 and JD Sports
Assuming the 90 days trading horizon SPG 1375 15 JAN 27 is expected to generate 0.27 times more return on investment than JD Sports. However, SPG 1375 15 JAN 27 is 3.77 times less risky than JD Sports. It trades about -0.23 of its potential returns per unit of risk. JD Sports Fashion is currently generating about -0.11 per unit of risk. If you would invest 9,353 in SPG 1375 15 JAN 27 on September 3, 2024 and sell it today you would lose (640.00) from holding SPG 1375 15 JAN 27 or give up 6.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 90.0% |
| Values | Daily Returns |
SPG 1375 15 JAN 27 vs. JD Sports Fashion
Performance |
| Timeline |
| SPG 1375 15 |
| JD Sports Fashion |
828807DP9 and JD Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 828807DP9 and JD Sports
The main advantage of trading using opposite 828807DP9 and JD Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 828807DP9 position performs unexpectedly, JD Sports 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 JD Sports will offset losses from the drop in JD Sports' long position.| 828807DP9 vs. AEP TEX INC | 828807DP9 vs. US BANK NATIONAL | 828807DP9 vs. MetLife | 828807DP9 vs. Brera Holdings PLC |
| JD Sports vs. Burlington Stores | JD Sports vs. Childrens Place | JD Sports vs. Buckle Inc | JD Sports vs. Shoe Carnival |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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