Correlation Between Tower Semiconductor and Just Energy

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Can any of the company-specific risk be diversified away by investing in both Tower Semiconductor and Just Energy 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 Tower Semiconductor and Just Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tower Semiconductor and Just Energy Group, you can compare the effects of market volatilities on Tower Semiconductor and Just Energy 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 Tower Semiconductor with a short position of Just Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tower Semiconductor and Just Energy.

Diversification Opportunities for Tower Semiconductor and Just Energy

TowerJustDiversified AwayTowerJustDiversified Away100%
0.0
  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Tower Semiconductor and Just Energy

If you would invest  4,787  in Tower Semiconductor on October 31, 2024 and sell it today you would lose (72.00) from holding Tower Semiconductor or give up 1.5% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Tower Semiconductor  vs.  Just Energy Group

 Performance 
JavaScript chart by amCharts 3.21.15NovDec2025 -10-5051015
JavaScript chart by amCharts 3.21.15TSEM JE
       Timeline  
Tower Semiconductor 

Risk-Adjusted Performance

5 of 100

 
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Strong
Modest
Compared to the overall equity markets, risk-adjusted returns on investments in Tower Semiconductor are ranked lower than 5 (%) of all global equities and portfolios over the last 90 days. In spite of very inconsistent technical and fundamental indicators, Tower Semiconductor displayed solid returns over the last few months and may actually be approaching a breakup point.
JavaScript chart by amCharts 3.21.15NovDecJanDecJan4244464850525456
Just Energy Group 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Just Energy Group has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound technical and fundamental indicators, Just Energy is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.

Tower Semiconductor and Just Energy Volatility Contrast

   Predicted Return Density   
JavaScript chart by amCharts 3.21.15-10.64-7.97-5.3-2.630.02.615.318.0210.7213.42 0.0050.0100.0150.0200.0250.0300.035
JavaScript chart by amCharts 3.21.15TSEM JE
       Returns  

Pair Trading with Tower Semiconductor and Just Energy

The main advantage of trading using opposite Tower Semiconductor and Just Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tower Semiconductor position performs unexpectedly, Just Energy 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 Just Energy will offset losses from the drop in Just Energy's long position.
The idea behind Tower Semiconductor and Just Energy Group 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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..

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