Correlation Between JPMorgan Nasdaq and ATHENE
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By analyzing existing cross correlation between JPMorgan Nasdaq Equity and ATHENE HLDG LTD, you can compare the effects of market volatilities on JPMorgan Nasdaq and ATHENE 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 JPMorgan Nasdaq with a short position of ATHENE. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Nasdaq and ATHENE.
Diversification Opportunities for JPMorgan Nasdaq and ATHENE
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JPMorgan and ATHENE is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Nasdaq Equity and ATHENE HLDG LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATHENE HLDG LTD and JPMorgan Nasdaq 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 JPMorgan Nasdaq Equity are associated (or correlated) with ATHENE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATHENE HLDG LTD has no effect on the direction of JPMorgan Nasdaq i.e., JPMorgan Nasdaq and ATHENE go up and down completely randomly.
Pair Corralation between JPMorgan Nasdaq and ATHENE
Given the investment horizon of 90 days JPMorgan Nasdaq Equity is expected to generate 0.55 times more return on investment than ATHENE. However, JPMorgan Nasdaq Equity is 1.81 times less risky than ATHENE. It trades about 0.15 of its potential returns per unit of risk. ATHENE HLDG LTD is currently generating about -0.22 per unit of risk. If you would invest 5,619 in JPMorgan Nasdaq Equity on September 24, 2024 and sell it today you would earn a total of 101.00 from holding JPMorgan Nasdaq Equity or generate 1.8% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 95.24% |
Values | Daily Returns |
JPMorgan Nasdaq Equity vs. ATHENE HLDG LTD
Performance |
Timeline |
JPMorgan Nasdaq Equity |
ATHENE HLDG LTD |
JPMorgan Nasdaq and ATHENE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JPMorgan Nasdaq and ATHENE
The main advantage of trading using opposite JPMorgan Nasdaq and ATHENE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Nasdaq position performs unexpectedly, ATHENE 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 ATHENE will offset losses from the drop in ATHENE's long position.JPMorgan Nasdaq vs. JPMorgan Equity Premium | JPMorgan Nasdaq vs. Global X SP | JPMorgan Nasdaq vs. Amplify CWP Enhanced | JPMorgan Nasdaq vs. Global X Russell |
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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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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