Correlation Between JHMT and Axos Financial
Can any of the company-specific risk be diversified away by investing in both JHMT and Axos Financial 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 JHMT and Axos Financial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JHMT and Axos Financial, you can compare the effects of market volatilities on JHMT and Axos Financial 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 JHMT with a short position of Axos Financial. Check out your portfolio center. Please also check ongoing floating volatility patterns of JHMT and Axos Financial.
Diversification Opportunities for JHMT and Axos Financial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JHMT and Axos is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JHMT and Axos Financial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axos Financial and JHMT 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 JHMT are associated (or correlated) with Axos Financial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axos Financial has no effect on the direction of JHMT i.e., JHMT and Axos Financial go up and down completely randomly.
Pair Corralation between JHMT and Axos Financial
If you would invest (100.00) in JHMT on January 27, 2024 and sell it today you would earn a total of 100.00 from holding JHMT or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
JHMT vs. Axos Financial
Performance |
| Timeline |
| JHMT |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Axos Financial |
JHMT and Axos Financial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JHMT and Axos Financial
The main advantage of trading using opposite JHMT and Axos Financial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JHMT position performs unexpectedly, Axos Financial 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 Axos Financial will offset losses from the drop in Axos Financial's long position.| JHMT vs. iShares Exponential Technologies | JHMT vs. EMQQ The Emerging | JHMT vs. Fidelity MSCI Information | JHMT vs. First Trust Nasdaq |
| Axos Financial vs. National Bank Holdings | Axos Financial vs. Community West Bancshares | Axos Financial vs. First Capital | Axos Financial vs. Home Bancorp |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas |