Correlation Between 90331HPL1 and JABHOL
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By analyzing existing cross correlation between US BANK NATIONAL and JABHOL 22 23 NOV 30, you can compare the effects of market volatilities on 90331HPL1 and JABHOL 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 90331HPL1 with a short position of JABHOL. Check out your portfolio center. Please also check ongoing floating volatility patterns of 90331HPL1 and JABHOL.
Diversification Opportunities for 90331HPL1 and JABHOL
Very good diversification
The 3 months correlation between 90331HPL1 and JABHOL is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding US BANK NATIONAL and JABHOL 22 23 NOV 30 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JABHOL 22 23 and 90331HPL1 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 US BANK NATIONAL are associated (or correlated) with JABHOL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JABHOL 22 23 has no effect on the direction of 90331HPL1 i.e., 90331HPL1 and JABHOL go up and down completely randomly.
Pair Corralation between 90331HPL1 and JABHOL
Assuming the 90 days trading horizon US BANK NATIONAL is expected to under-perform the JABHOL. But the bond apears to be less risky and, when comparing its historical volatility, US BANK NATIONAL is 1.96 times less risky than JABHOL. The bond trades about -0.03 of its potential returns per unit of risk. The JABHOL 22 23 NOV 30 is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 8,051 in JABHOL 22 23 NOV 30 on August 29, 2024 and sell it today you would earn a total of 241.00 from holding JABHOL 22 23 NOV 30 or generate 2.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 27.27% |
| Values | Daily Returns |
US BANK NATIONAL vs. JABHOL 22 23 NOV 30
Performance |
| Timeline |
| US BANK NATIONAL |
| JABHOL 22 23 |
90331HPL1 and JABHOL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 90331HPL1 and JABHOL
The main advantage of trading using opposite 90331HPL1 and JABHOL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 90331HPL1 position performs unexpectedly, JABHOL 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 JABHOL will offset losses from the drop in JABHOL's long position.| 90331HPL1 vs. Celsius Holdings | 90331HPL1 vs. Highway Holdings Limited | 90331HPL1 vs. Natural Alternatives International | 90331HPL1 vs. Lion One Metals |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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