Correlation Between Jay Mart and GFPT Public
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By analyzing existing cross correlation between Jay Mart Public and GFPT Public, you can compare the effects of market volatilities on Jay Mart and GFPT Public 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 Jay Mart with a short position of GFPT Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jay Mart and GFPT Public.
Diversification Opportunities for Jay Mart and GFPT Public
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jay and GFPT is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Jay Mart Public and GFPT Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GFPT Public and Jay Mart 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 Jay Mart Public are associated (or correlated) with GFPT Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GFPT Public has no effect on the direction of Jay Mart i.e., Jay Mart and GFPT Public go up and down completely randomly.
Pair Corralation between Jay Mart and GFPT Public
Assuming the 90 days trading horizon Jay Mart Public is expected to generate 55.52 times more return on investment than GFPT Public. However, Jay Mart is 55.52 times more volatile than GFPT Public. It trades about 0.13 of its potential returns per unit of risk. GFPT Public is currently generating about -0.15 per unit of risk. If you would invest 1,365 in Jay Mart Public on December 3, 2024 and sell it today you would lose (325.00) from holding Jay Mart Public or give up 23.81% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 73.33% |
Values | Daily Returns |
Jay Mart Public vs. GFPT Public
Performance |
Timeline |
Jay Mart Public |
Risk-Adjusted Performance
OK
Weak | Strong |
GFPT Public |
Jay Mart and GFPT Public Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jay Mart and GFPT Public
The main advantage of trading using opposite Jay Mart and GFPT Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jay Mart position performs unexpectedly, GFPT Public 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 GFPT Public will offset losses from the drop in GFPT Public's long position.Jay Mart vs. Digital Telecommunications Infrastructure | Jay Mart vs. Prime Office Leasehold | Jay Mart vs. CPN Retail Growth | Jay Mart vs. Dynasty Ceramic Public |
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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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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