Correlation Between VIENNA INSURANCE and Jupiter Fund
Can any of the company-specific risk be diversified away by investing in both VIENNA INSURANCE and Jupiter Fund 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 VIENNA INSURANCE and Jupiter Fund into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between VIENNA INSURANCE GR and Jupiter Fund Management, you can compare the effects of market volatilities on VIENNA INSURANCE and Jupiter Fund 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 VIENNA INSURANCE with a short position of Jupiter Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of VIENNA INSURANCE and Jupiter Fund.
Diversification Opportunities for VIENNA INSURANCE and Jupiter Fund
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between VIENNA and Jupiter is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding VIENNA INSURANCE GR and Jupiter Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jupiter Fund Management and VIENNA INSURANCE 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 VIENNA INSURANCE GR are associated (or correlated) with Jupiter Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jupiter Fund Management has no effect on the direction of VIENNA INSURANCE i.e., VIENNA INSURANCE and Jupiter Fund go up and down completely randomly.
Pair Corralation between VIENNA INSURANCE and Jupiter Fund
Assuming the 90 days trading horizon VIENNA INSURANCE GR is expected to generate 0.15 times more return on investment than Jupiter Fund. However, VIENNA INSURANCE GR is 6.45 times less risky than Jupiter Fund. It trades about 0.44 of its potential returns per unit of risk. Jupiter Fund Management is currently generating about -0.11 per unit of risk. If you would invest 3,045 in VIENNA INSURANCE GR on November 7, 2024 and sell it today you would earn a total of 175.00 from holding VIENNA INSURANCE GR or generate 5.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
VIENNA INSURANCE GR vs. Jupiter Fund Management
Performance |
| Timeline |
| VIENNA INSURANCE |
| Jupiter Fund Management |
VIENNA INSURANCE and Jupiter Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VIENNA INSURANCE and Jupiter Fund
The main advantage of trading using opposite VIENNA INSURANCE and Jupiter Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VIENNA INSURANCE position performs unexpectedly, Jupiter Fund 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 Jupiter Fund will offset losses from the drop in Jupiter Fund's long position.| VIENNA INSURANCE vs. Daito Trust Construction | VIENNA INSURANCE vs. North American Construction | VIENNA INSURANCE vs. DAIRY FARM INTL | VIENNA INSURANCE vs. Linedata Services SA |
| Jupiter Fund vs. GWILLI FOOD | Jupiter Fund vs. Geely Automobile Holdings | Jupiter Fund vs. Suntory Beverage Food | Jupiter Fund vs. CAL MAINE FOODS |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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