Correlation Between Jupai Holdings and Bank of New York
Can any of the company-specific risk be diversified away by investing in both Jupai Holdings and Bank of New York 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 Jupai Holdings and Bank of New York into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jupai Holdings and Bank of New, you can compare the effects of market volatilities on Jupai Holdings and Bank of New York 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 Jupai Holdings with a short position of Bank of New York. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jupai Holdings and Bank of New York.
Diversification Opportunities for Jupai Holdings and Bank of New York
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Jupai and Bank is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Jupai Holdings and Bank of New in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bank of New York and Jupai Holdings 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 Jupai Holdings are associated (or correlated) with Bank of New York. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bank of New York has no effect on the direction of Jupai Holdings i.e., Jupai Holdings and Bank of New York go up and down completely randomly.
Pair Corralation between Jupai Holdings and Bank of New York
If you would invest 5,654 in Bank of New on January 25, 2024 and sell it today you would earn a total of 116.00 from holding Bank of New or generate 2.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Jupai Holdings vs. Bank of New
Performance |
| Timeline |
| Jupai Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Bank of New York |
Jupai Holdings and Bank of New York Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jupai Holdings and Bank of New York
The main advantage of trading using opposite Jupai Holdings and Bank of New York positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jupai Holdings position performs unexpectedly, Bank of New York 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 Bank of New York will offset losses from the drop in Bank of New York's long position.| Jupai Holdings vs. NeogamesSA | Jupai Holdings vs. Cirmaker Technology | Jupai Holdings vs. Evolution Gaming Group | Jupai Holdings vs. Ainsworth Game Technology |
| Bank of New York vs. Federated Premier Municipal | Bank of New York vs. Blackrock Muniyield | Bank of New York vs. Diamond Hill Investment | Bank of New York vs. NXG NextGen Infrastructure |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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