Correlation Between Walker Dunlop and Jaguar Animal
Can any of the company-specific risk be diversified away by investing in both Walker Dunlop and Jaguar Animal at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Walker Dunlop and Jaguar Animal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Walker Dunlop and Jaguar Animal Health, you can compare the effects of market volatilities on Walker Dunlop and Jaguar Animal 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 Walker Dunlop with a short position of Jaguar Animal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Walker Dunlop and Jaguar Animal.
Diversification Opportunities for Walker Dunlop and Jaguar Animal
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Walker and Jaguar is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Walker Dunlop and Jaguar Animal Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jaguar Animal Health and Walker Dunlop 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 Walker Dunlop are associated (or correlated) with Jaguar Animal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jaguar Animal Health has no effect on the direction of Walker Dunlop i.e., Walker Dunlop and Jaguar Animal go up and down completely randomly.
Pair Corralation between Walker Dunlop and Jaguar Animal
Allowing for the 90-day total investment horizon Walker Dunlop is expected to generate 0.29 times more return on investment than Jaguar Animal. However, Walker Dunlop is 3.46 times less risky than Jaguar Animal. It trades about -0.01 of its potential returns per unit of risk. Jaguar Animal Health is currently generating about -0.07 per unit of risk. If you would invest 11,120 in Walker Dunlop on August 29, 2024 and sell it today you would lose (64.00) from holding Walker Dunlop or give up 0.58% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Walker Dunlop vs. Jaguar Animal Health
Performance |
| Timeline |
| Walker Dunlop |
| Jaguar Animal Health |
Walker Dunlop and Jaguar Animal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Walker Dunlop and Jaguar Animal
The main advantage of trading using opposite Walker Dunlop and Jaguar Animal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Walker Dunlop position performs unexpectedly, Jaguar Animal 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 Jaguar Animal will offset losses from the drop in Jaguar Animal's long position.| Walker Dunlop vs. Mr Cooper Group | Walker Dunlop vs. Velocity Financial Llc | Walker Dunlop vs. Security National Financial | Walker Dunlop vs. Encore Capital Group |
| Jaguar Animal vs. Ibio Inc | Jaguar Animal vs. GeoVax Labs | Jaguar Animal vs. Ocugen Inc | Jaguar Animal vs. Zura Bio Limited |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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