Correlation Between Journey Medical and Procter Gamble
Can any of the company-specific risk be diversified away by investing in both Journey Medical and Procter Gamble 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 Journey Medical and Procter Gamble into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Journey Medical Corp and Procter Gamble, you can compare the effects of market volatilities on Journey Medical and Procter Gamble 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 Journey Medical with a short position of Procter Gamble. Check out your portfolio center. Please also check ongoing floating volatility patterns of Journey Medical and Procter Gamble.
Diversification Opportunities for Journey Medical and Procter Gamble
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Journey and Procter is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding Journey Medical Corp and Procter Gamble in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Procter Gamble and Journey Medical 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 Journey Medical Corp are associated (or correlated) with Procter Gamble. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Procter Gamble has no effect on the direction of Journey Medical i.e., Journey Medical and Procter Gamble go up and down completely randomly.
Pair Corralation between Journey Medical and Procter Gamble
Given the investment horizon of 90 days Journey Medical Corp is expected to generate 3.5 times more return on investment than Procter Gamble. However, Journey Medical is 3.5 times more volatile than Procter Gamble. It trades about 0.05 of its potential returns per unit of risk. Procter Gamble is currently generating about -0.11 per unit of risk. If you would invest 695.00 in Journey Medical Corp on September 3, 2025 and sell it today you would earn a total of 46.00 from holding Journey Medical Corp or generate 6.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Journey Medical Corp vs. Procter Gamble
Performance |
| Timeline |
| Journey Medical Corp |
| Procter Gamble |
Journey Medical and Procter Gamble Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Journey Medical and Procter Gamble
The main advantage of trading using opposite Journey Medical and Procter Gamble positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Journey Medical position performs unexpectedly, Procter Gamble 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 Procter Gamble will offset losses from the drop in Procter Gamble's long position.| Journey Medical vs. LATAM Airlines Group | Journey Medical vs. Southwest Airlines | Journey Medical vs. Space Communication | Journey Medical vs. Nok Airlines Public |
| Procter Gamble vs. Coffee Holding Co | Procter Gamble vs. Xiabuxiabu Catering Management | Procter Gamble vs. Luckin Coffee | Procter Gamble vs. Perfect Medical Health |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |