Correlation Between JD Sports and ATMOS
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By analyzing existing cross correlation between JD Sports Fashion and ATMOS ENERGY P, you can compare the effects of market volatilities on JD Sports and ATMOS 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 JD Sports with a short position of ATMOS. Check out your portfolio center. Please also check ongoing floating volatility patterns of JD Sports and ATMOS.
Diversification Opportunities for JD Sports and ATMOS
Good diversification
The 3 months correlation between JDSPY and ATMOS is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding JD Sports Fashion and ATMOS ENERGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATMOS ENERGY P and JD Sports 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 JD Sports Fashion are associated (or correlated) with ATMOS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATMOS ENERGY P has no effect on the direction of JD Sports i.e., JD Sports and ATMOS go up and down completely randomly.
Pair Corralation between JD Sports and ATMOS
Assuming the 90 days horizon JD Sports Fashion is expected to under-perform the ATMOS. In addition to that, JD Sports is 1.74 times more volatile than ATMOS ENERGY P. It trades about -0.2 of its total potential returns per unit of risk. ATMOS ENERGY P is currently generating about 0.08 per unit of volatility. If you would invest 8,628 in ATMOS ENERGY P on September 24, 2024 and sell it today you would earn a total of 107.00 from holding ATMOS ENERGY P or generate 1.24% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 60.0% |
Values | Daily Returns |
JD Sports Fashion vs. ATMOS ENERGY P
Performance |
Timeline |
JD Sports Fashion |
ATMOS ENERGY P |
JD Sports and ATMOS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JD Sports and ATMOS
The main advantage of trading using opposite JD Sports and ATMOS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JD Sports position performs unexpectedly, ATMOS 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 ATMOS will offset losses from the drop in ATMOS's long position.JD Sports vs. Burlington Stores | JD Sports vs. Childrens Place | JD Sports vs. Buckle Inc | JD Sports vs. Shoe Carnival |
ATMOS vs. Sonos Inc | ATMOS vs. JD Sports Fashion | ATMOS vs. United Parks Resorts | ATMOS vs. Highway Holdings Limited |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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