Correlation Between Progress Software and Jamf Holding

Can any of the company-specific risk be diversified away by investing in both Progress Software and Jamf Holding 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 Progress Software and Jamf Holding into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Progress Software and Jamf Holding, you can compare the effects of market volatilities on Progress Software and Jamf Holding 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 Progress Software with a short position of Jamf Holding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Progress Software and Jamf Holding.

Diversification Opportunities for Progress Software and Jamf Holding

-0.59

Correlation Coefficient

Progress Software  Jamf Holding

Excellent diversification

The 3 months correlation between Progress and Jamf is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding Progress Software and Jamf Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jamf Holding and Progress Software 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 Progress Software are associated (or correlated) with Jamf Holding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jamf Holding has no effect on the direction of Progress Software i.e., Progress Software and Jamf Holding go up and down completely randomly.

Pair Corralation between Progress Software and Jamf Holding

Given the investment horizon of 90 days Progress Software is expected to under-perform the Jamf Holding. But the stock apears to be less risky and, when comparing its historical volatility, Progress Software is 1.6 times less risky than Jamf Holding. The stock trades about -0.16 of its potential returns per unit of risk. The Jamf Holding is currently generating about 0.37 of returns per unit of risk over similar time horizon. If you would invest  994.00  in Jamf Holding on August 16, 2025 and sell it today you would earn a total of  293.00  from holding Jamf Holding or generate 29.48% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

Progress Software  vs.  Jamf Holding

Progress Software

Risk-Adjusted Performance

Weakest

Over the last 90 days Progress Software has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable technical and fundamental indicators, Progress Software is not utilizing all of its potentials. The latest stock price uproar, may contribute to short-horizon losses for the private investors.

Jamf Holding

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Jamf Holding are ranked lower than 17 (%) of all global equities and portfolios over the last 90 days. Despite nearly unsteady primary indicators, Jamf Holding reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Progress Software and Jamf Holding

The main advantage of trading using opposite Progress Software and Jamf Holding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Progress Software position performs unexpectedly, Jamf Holding 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 Jamf Holding will offset losses from the drop in Jamf Holding's long position.

The idea behind Progress Software and Jamf Holding pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.