Correlation Between JB Hunt and Transcode Therapeutics
Can any of the company-specific risk be diversified away by investing in both JB Hunt and Transcode Therapeutics 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 JB Hunt and Transcode Therapeutics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JB Hunt Transport and Transcode Therapeutics, you can compare the effects of market volatilities on JB Hunt and Transcode Therapeutics 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 JB Hunt with a short position of Transcode Therapeutics. Check out your portfolio center. Please also check ongoing floating volatility patterns of JB Hunt and Transcode Therapeutics.
Diversification Opportunities for JB Hunt and Transcode Therapeutics
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between JBHT and Transcode is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding JB Hunt Transport and Transcode Therapeutics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Transcode Therapeutics and JB Hunt 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 JB Hunt Transport are associated (or correlated) with Transcode Therapeutics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Transcode Therapeutics has no effect on the direction of JB Hunt i.e., JB Hunt and Transcode Therapeutics go up and down completely randomly.
Pair Corralation between JB Hunt and Transcode Therapeutics
Given the investment horizon of 90 days JB Hunt Transport is expected to generate 0.26 times more return on investment than Transcode Therapeutics. However, JB Hunt Transport is 3.92 times less risky than Transcode Therapeutics. It trades about 0.3 of its potential returns per unit of risk. Transcode Therapeutics is currently generating about 0.02 per unit of risk. If you would invest 16,814 in JB Hunt Transport on November 10, 2025 and sell it today you would earn a total of 5,977 from holding JB Hunt Transport or generate 35.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.39% |
| Values | Daily Returns |
JB Hunt Transport vs. Transcode Therapeutics
Performance |
| Timeline |
| JB Hunt Transport |
| Transcode Therapeutics |
JB Hunt and Transcode Therapeutics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JB Hunt and Transcode Therapeutics
The main advantage of trading using opposite JB Hunt and Transcode Therapeutics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JB Hunt position performs unexpectedly, Transcode Therapeutics 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 Transcode Therapeutics will offset losses from the drop in Transcode Therapeutics' long position.| JB Hunt vs. XPO Logistics | JB Hunt vs. Expeditors International of | JB Hunt vs. CH Robinson Worldwide | JB Hunt vs. ZTO Express |
| Transcode Therapeutics vs. In8bio Inc | Transcode Therapeutics vs. Lyra Therapeutics | Transcode Therapeutics vs. Aptevo Therapeutics | Transcode Therapeutics vs. Galecto |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation |