Correlation Between Turtle Beach and JBS NV

Can any of the company-specific risk be diversified away by investing in both Turtle Beach and JBS NV 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 Turtle Beach and JBS NV into the same portfolio, which is an essential part of the fundamental portfolio management process.

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

Diversification Opportunities for Turtle Beach and JBS NV

-0.26

Correlation Coefficient

Turtle Beach  JBS NV

Very good diversification

The 3 months correlation between Turtle and JBS is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Turtle Beach and JBS NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JBS NV and Turtle Beach 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 Turtle Beach are associated (or correlated) with JBS NV. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JBS NV has no effect on the direction of Turtle Beach i.e., Turtle Beach and JBS NV go up and down completely randomly.

Pair Corralation between Turtle Beach and JBS NV

Given the investment horizon of 90 days Turtle Beach is expected to generate 1.21 times more return on investment than JBS NV. However, Turtle Beach is 1.21 times more volatile than JBS NV. It trades about 0.17 of its potential returns per unit of risk. JBS NV is currently generating about 0.02 per unit of risk. If you would invest  1,214  in Turtle Beach on May 14, 2025 and sell it today you would earn a total of  359.00  from holding Turtle Beach or generate 29.57% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	69.35%
Values	Daily Returns

Turtle Beach  vs.  JBS NV

Turtle Beach

Risk-Adjusted Performance

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Turtle Beach are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Despite fairly conflicting fundamental indicators, Turtle Beach demonstrated solid returns over the last few months and may actually be approaching a breakup point.

JBS NV

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in JBS NV are ranked lower than 1 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively stable fundamental drivers, JBS NV is not utilizing all of its potentials. The latest stock price uproar, may contribute to short-horizon losses for the private investors.

Pair Trading with Turtle Beach and JBS NV

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

The idea behind Turtle Beach and JBS NV 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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.