Correlation Between Esfera Robotics and JPM America
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By analyzing existing cross correlation between Esfera Robotics R and JPM America Equity, you can compare the effects of market volatilities on Esfera Robotics and JPM America 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 Esfera Robotics with a short position of JPM America. Check out your portfolio center. Please also check ongoing floating volatility patterns of Esfera Robotics and JPM America.
Diversification Opportunities for Esfera Robotics and JPM America
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Esfera and JPM is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Esfera Robotics R and JPM America Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPM America Equity and Esfera Robotics 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 Esfera Robotics R are associated (or correlated) with JPM America. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JPM America Equity has no effect on the direction of Esfera Robotics i.e., Esfera Robotics and JPM America go up and down completely randomly.
Pair Corralation between Esfera Robotics and JPM America
Assuming the 90 days trading horizon Esfera Robotics R is expected to generate 0.97 times more return on investment than JPM America. However, Esfera Robotics R is 1.03 times less risky than JPM America. It trades about 0.31 of its potential returns per unit of risk. JPM America Equity is currently generating about 0.24 per unit of risk. If you would invest 28,896 in Esfera Robotics R on September 7, 2024 and sell it today you would earn a total of 6,562 from holding Esfera Robotics R or generate 22.71% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Esfera Robotics R vs. JPM America Equity
Performance |
Timeline |
Esfera Robotics R |
JPM America Equity |
Esfera Robotics and JPM America Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Esfera Robotics and JPM America
The main advantage of trading using opposite Esfera Robotics and JPM America positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Esfera Robotics position performs unexpectedly, JPM America 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 JPM America will offset losses from the drop in JPM America's long position.Esfera Robotics vs. SIVERS SEMICONDUCTORS AB | Esfera Robotics vs. Darden Restaurants | Esfera Robotics vs. Deutsche Post AG | Esfera Robotics vs. Deutsche Post AG |
JPM America vs. Renaissance Europe C | JPM America vs. SIVERS SEMICONDUCTORS AB | JPM America vs. Darden Restaurants | JPM America vs. Deutsche Post AG |
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 Stocks Directory module to find actively traded stocks across global markets.
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