Correlation Between X-FAB Silicon and JEFFERIES
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By analyzing existing cross correlation between X FAB Silicon Foundries and JEFFERIES GROUP LLC, you can compare the effects of market volatilities on X-FAB Silicon and JEFFERIES 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 X-FAB Silicon with a short position of JEFFERIES. Check out your portfolio center. Please also check ongoing floating volatility patterns of X-FAB Silicon and JEFFERIES.
Diversification Opportunities for X-FAB Silicon and JEFFERIES
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between X-FAB and JEFFERIES is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding X FAB Silicon Foundries and JEFFERIES GROUP LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JEFFERIES GROUP LLC and X-FAB Silicon 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 X FAB Silicon Foundries are associated (or correlated) with JEFFERIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JEFFERIES GROUP LLC has no effect on the direction of X-FAB Silicon i.e., X-FAB Silicon and JEFFERIES go up and down completely randomly.
Pair Corralation between X-FAB Silicon and JEFFERIES
Assuming the 90 days horizon X FAB Silicon Foundries is expected to generate 1.52 times more return on investment than JEFFERIES. However, X-FAB Silicon is 1.52 times more volatile than JEFFERIES GROUP LLC. It trades about 0.02 of its potential returns per unit of risk. JEFFERIES GROUP LLC is currently generating about -0.13 per unit of risk. If you would invest 509.00 in X FAB Silicon Foundries on October 22, 2024 and sell it today you would earn a total of 2.00 from holding X FAB Silicon Foundries or generate 0.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
X FAB Silicon Foundries vs. JEFFERIES GROUP LLC
Performance |
| Timeline |
| X FAB Silicon |
| JEFFERIES GROUP LLC |
X-FAB Silicon and JEFFERIES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with X-FAB Silicon and JEFFERIES
The main advantage of trading using opposite X-FAB Silicon and JEFFERIES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if X-FAB Silicon position performs unexpectedly, JEFFERIES 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 JEFFERIES will offset losses from the drop in JEFFERIES's long position.| X-FAB Silicon vs. NVIDIA | X-FAB Silicon vs. Intel | X-FAB Silicon vs. Taiwan Semiconductor Manufacturing | X-FAB Silicon vs. Marvell Technology Group |
| JEFFERIES vs. X FAB Silicon Foundries | JEFFERIES vs. Olympic Steel | JEFFERIES vs. NL Industries | JEFFERIES vs. Avient Corp |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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