Correlation Between ProShares Long and JPLS
Can any of the company-specific risk be diversified away by investing in both ProShares Long and JPLS 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 ProShares Long and JPLS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ProShares Long OnlineShort and JPLS, you can compare the effects of market volatilities on ProShares Long and JPLS 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 ProShares Long with a short position of JPLS. Check out your portfolio center. Please also check ongoing floating volatility patterns of ProShares Long and JPLS.
Diversification Opportunities for ProShares Long and JPLS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ProShares and JPLS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ProShares Long OnlineShort and JPLS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPLS and ProShares Long 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 ProShares Long OnlineShort are associated (or correlated) with JPLS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JPLS has no effect on the direction of ProShares Long i.e., ProShares Long and JPLS go up and down completely randomly.
Pair Corralation between ProShares Long and JPLS
If you would invest 3,426 in ProShares Long OnlineShort on February 4, 2024 and sell it today you would earn a total of 966.00 from holding ProShares Long OnlineShort or generate 28.2% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
ProShares Long OnlineShort vs. JPLS
Performance |
Timeline |
ProShares Long Onlin |
JPLS |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
ProShares Long and JPLS Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ProShares Long and JPLS
The main advantage of trading using opposite ProShares Long and JPLS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ProShares Long position performs unexpectedly, JPLS 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 JPLS will offset losses from the drop in JPLS's long position.ProShares Long vs. First Trust Managed | ProShares Long vs. IQ Hedge Multi Strategy | ProShares Long vs. First Trust BuyWrite | ProShares Long vs. SPDR SSgA Global |
JPLS vs. First Trust Managed | JPLS vs. IQ Hedge Multi Strategy | JPLS vs. First Trust BuyWrite | JPLS vs. SPDR SSgA Global |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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