Correlation Between JXJT Old and Digital Brands
Can any of the company-specific risk be diversified away by investing in both JXJT Old and Digital Brands 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 JXJT Old and Digital Brands into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JXJT Old and Digital Brands Group, you can compare the effects of market volatilities on JXJT Old and Digital Brands 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 JXJT Old with a short position of Digital Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of JXJT Old and Digital Brands.
Diversification Opportunities for JXJT Old and Digital Brands
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JXJT and Digital is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JXJT Old and Digital Brands Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Digital Brands Group and JXJT Old 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 JXJT Old are associated (or correlated) with Digital Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Digital Brands Group has no effect on the direction of JXJT Old i.e., JXJT Old and Digital Brands go up and down completely randomly.
Pair Corralation between JXJT Old and Digital Brands
If you would invest (100.00) in Digital Brands Group on December 5, 2024 and sell it today you would earn a total of 100.00 from holding Digital Brands Group or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
JXJT Old vs. Digital Brands Group
Performance |
Timeline |
JXJT Old |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Digital Brands Group |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
JXJT Old and Digital Brands Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JXJT Old and Digital Brands
The main advantage of trading using opposite JXJT Old and Digital Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JXJT Old position performs unexpectedly, Digital Brands 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 Digital Brands will offset losses from the drop in Digital Brands' long position.JXJT Old vs. G III Apparel Group | JXJT Old vs. Lakeland Industries | JXJT Old vs. Oxford Industries | JXJT Old vs. Superior Uniform Group |
Digital Brands vs. Burlington Stores | Digital Brands vs. Urban Outfitters | Digital Brands vs. American Eagle Outfitters | Digital Brands vs. Childrens Place |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |