Correlation Between Yuma Energy and Jyske Bank
Can any of the company-specific risk be diversified away by investing in both Yuma Energy and Jyske Bank 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 Yuma Energy and Jyske Bank into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yuma Energy and Jyske Bank AS, you can compare the effects of market volatilities on Yuma Energy and Jyske Bank 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 Yuma Energy with a short position of Jyske Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yuma Energy and Jyske Bank.
Diversification Opportunities for Yuma Energy and Jyske Bank
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Yuma and Jyske is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Yuma Energy and Jyske Bank AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jyske Bank AS and Yuma Energy 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 Yuma Energy are associated (or correlated) with Jyske Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jyske Bank AS has no effect on the direction of Yuma Energy i.e., Yuma Energy and Jyske Bank go up and down completely randomly.
Pair Corralation between Yuma Energy and Jyske Bank
If you would invest 1,361 in Jyske Bank AS on January 14, 2025 and sell it today you would earn a total of 68.00 from holding Jyske Bank AS or generate 5.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Yuma Energy vs. Jyske Bank AS
Performance |
| Timeline |
| Yuma Energy |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Jyske Bank AS |
Yuma Energy and Jyske Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Yuma Energy and Jyske Bank
The main advantage of trading using opposite Yuma Energy and Jyske Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yuma Energy position performs unexpectedly, Jyske Bank 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 Jyske Bank will offset losses from the drop in Jyske Bank's long position.| Yuma Energy vs. Nextdecade Corp | Yuma Energy vs. EQT Corporation | Yuma Energy vs. Coterra Energy | Yuma Energy vs. Antero Resources Corp |
| Jyske Bank vs. Baraboo Bancorporation | Jyske Bank vs. Schweizerische Nationalbank | Jyske Bank vs. Danske Bank AS | Jyske Bank vs. Absa Group 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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