Correlation Between Grupo Elektra and JPMorgan Chase
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By analyzing existing cross correlation between Grupo Elektra SAB and JPMorgan Chase Co, you can compare the effects of market volatilities on Grupo Elektra and JPMorgan Chase 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 Grupo Elektra with a short position of JPMorgan Chase. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Elektra and JPMorgan Chase.
Diversification Opportunities for Grupo Elektra and JPMorgan Chase
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Grupo and JPMorgan is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Elektra SAB and JPMorgan Chase Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPMorgan Chase and Grupo Elektra 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 Grupo Elektra SAB are associated (or correlated) with JPMorgan Chase. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JPMorgan Chase has no effect on the direction of Grupo Elektra i.e., Grupo Elektra and JPMorgan Chase go up and down completely randomly.
Pair Corralation between Grupo Elektra and JPMorgan Chase
Assuming the 90 days trading horizon Grupo Elektra SAB is expected to under-perform the JPMorgan Chase. In addition to that, Grupo Elektra is 17.66 times more volatile than JPMorgan Chase Co. It trades about -0.12 of its total potential returns per unit of risk. JPMorgan Chase Co is currently generating about -0.29 per unit of volatility. If you would invest 508,900 in JPMorgan Chase Co on September 24, 2024 and sell it today you would lose (30,400) from holding JPMorgan Chase Co or give up 5.97% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Grupo Elektra SAB vs. JPMorgan Chase Co
Performance |
Timeline |
Grupo Elektra SAB |
JPMorgan Chase |
Grupo Elektra and JPMorgan Chase Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Grupo Elektra and JPMorgan Chase
The main advantage of trading using opposite Grupo Elektra and JPMorgan Chase positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Elektra position performs unexpectedly, JPMorgan Chase 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 JPMorgan Chase will offset losses from the drop in JPMorgan Chase's long position.Grupo Elektra vs. Samsung Electronics Co | Grupo Elektra vs. Taiwan Semiconductor Manufacturing | Grupo Elektra vs. JPMorgan Chase Co | Grupo Elektra vs. Bank of America |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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