Correlation Between JPX Global and Agilyx AS

Can any of the company-specific risk be diversified away by investing in both JPX Global and Agilyx AS 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 JPX Global and Agilyx AS into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between JPX Global and Agilyx AS, you can compare the effects of market volatilities on JPX Global and Agilyx AS 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 JPX Global with a short position of Agilyx AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPX Global and Agilyx AS.

Diversification Opportunities for JPX Global and Agilyx AS

0.0

Correlation Coefficient

JPX Global  Agilyx AS

Pay attention - limited upside

The 3 months correlation between JPX and Agilyx is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JPX Global and Agilyx AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilyx AS and JPX Global 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 JPX Global are associated (or correlated) with Agilyx AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilyx AS has no effect on the direction of JPX Global i.e., JPX Global and Agilyx AS go up and down completely randomly.

Pair Corralation between JPX Global and Agilyx AS

Given the investment horizon of 90 days JPX Global is expected to generate 14.39 times more return on investment than Agilyx AS. However, JPX Global is 14.39 times more volatile than Agilyx AS. It trades about 0.08 of its potential returns per unit of risk. Agilyx AS is currently generating about 0.01 per unit of risk. If you would invest  0.11  in JPX Global on December 1, 2024 and sell it today you would lose (0.10) from holding JPX Global or give up 90.91% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	99.6%
Values	Daily Returns

JPX Global  vs.  Agilyx AS

JPX Global

Risk-Adjusted Performance

Very Weak

Over the last 90 days JPX Global has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly strong technical and fundamental indicators, JPX Global is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Agilyx AS

Risk-Adjusted Performance

Very Weak

Over the last 90 days Agilyx AS has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's basic indicators remain nearly stable which may send shares a bit higher in April 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.

Pair Trading with JPX Global and Agilyx AS

The main advantage of trading using opposite JPX Global and Agilyx AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPX Global position performs unexpectedly, Agilyx AS 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 Agilyx AS will offset losses from the drop in Agilyx AS's long position.

The idea behind JPX Global and Agilyx AS pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.