Correlation Between 91159HHM5 and JD Sports
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By analyzing existing cross correlation between U S BANCORP and JD Sports Fashion, you can compare the effects of market volatilities on 91159HHM5 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 91159HHM5 with a short position of JD Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of 91159HHM5 and JD Sports.
Diversification Opportunities for 91159HHM5 and JD Sports
Very weak diversification
The 3 months correlation between 91159HHM5 and JDDSF is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding U S BANCORP 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 91159HHM5 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 U S BANCORP 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 91159HHM5 i.e., 91159HHM5 and JD Sports go up and down completely randomly.
Pair Corralation between 91159HHM5 and JD Sports
Assuming the 90 days trading horizon U S BANCORP is expected to generate 0.25 times more return on investment than JD Sports. However, U S BANCORP is 4.01 times less risky than JD Sports. It trades about -0.21 of its potential returns per unit of risk. JD Sports Fashion is currently generating about -0.21 per unit of risk. If you would invest 9,764 in U S BANCORP on September 1, 2024 and sell it today you would lose (397.00) from holding U S BANCORP or give up 4.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
U S BANCORP vs. JD Sports Fashion
Performance |
| Timeline |
| U S BANCORP |
| JD Sports Fashion |
91159HHM5 and JD Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 91159HHM5 and JD Sports
The main advantage of trading using opposite 91159HHM5 and JD Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 91159HHM5 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.| 91159HHM5 vs. Old Dominion Freight | 91159HHM5 vs. Mesa Air Group | 91159HHM5 vs. Saia Inc | 91159HHM5 vs. United Airlines Holdings |
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 Stocks Directory module to find actively traded stocks across global markets.
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