Correlation Between SIDETRADE and JD SPORTS
Can any of the company-specific risk be diversified away by investing in both SIDETRADE and JD SPORTS 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 SIDETRADE and JD SPORTS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SIDETRADE EO 1 and JD SPORTS FASH, you can compare the effects of market volatilities on SIDETRADE and JD SPORTS 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 SIDETRADE with a short position of JD SPORTS. Check out your portfolio center. Please also check ongoing floating volatility patterns of SIDETRADE and JD SPORTS.
Diversification Opportunities for SIDETRADE and JD SPORTS
Good diversification
The 3 months correlation between SIDETRADE and 9JD is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding SIDETRADE EO 1 and JD SPORTS FASH in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JD SPORTS FASH and SIDETRADE 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 SIDETRADE EO 1 are associated (or correlated) with JD SPORTS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JD SPORTS FASH has no effect on the direction of SIDETRADE i.e., SIDETRADE and JD SPORTS go up and down completely randomly.
Pair Corralation between SIDETRADE and JD SPORTS
Assuming the 90 days horizon SIDETRADE EO 1 is expected to under-perform the JD SPORTS. But the stock apears to be less risky and, when comparing its historical volatility, SIDETRADE EO 1 is 1.38 times less risky than JD SPORTS. The stock trades about -0.11 of its potential returns per unit of risk. The JD SPORTS FASH is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest 83.00 in JD SPORTS FASH on September 26, 2025 and sell it today you would earn a total of 12.00 from holding JD SPORTS FASH or generate 14.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SIDETRADE EO 1 vs. JD SPORTS FASH
Performance |
| Timeline |
| SIDETRADE EO 1 |
| JD SPORTS FASH |
SIDETRADE and JD SPORTS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SIDETRADE and JD SPORTS
The main advantage of trading using opposite SIDETRADE and JD SPORTS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SIDETRADE position performs unexpectedly, JD SPORTS 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 JD SPORTS will offset losses from the drop in JD SPORTS's long position.| SIDETRADE vs. Salesforce | SIDETRADE vs. SAP SE | SIDETRADE vs. Uber Technologies | SIDETRADE vs. Nemetschek AG ON |
| JD SPORTS vs. Genesco | JD SPORTS vs. AOYAMA TRADING | JD SPORTS vs. AUREA SA INH | JD SPORTS vs. Origin Agritech |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |