Correlation Between JPMorgan Chase and SPECTRA
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By analyzing existing cross correlation between JPMorgan Chase Co and SPECTRA ENERGY PARTNERS, you can compare the effects of market volatilities on JPMorgan Chase and SPECTRA 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 Chase with a short position of SPECTRA. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Chase and SPECTRA.
Diversification Opportunities for JPMorgan Chase and SPECTRA
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JPMorgan and SPECTRA is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Chase Co and SPECTRA ENERGY PARTNERS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPECTRA ENERGY PARTNERS and JPMorgan Chase 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 Chase Co are associated (or correlated) with SPECTRA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPECTRA ENERGY PARTNERS has no effect on the direction of JPMorgan Chase i.e., JPMorgan Chase and SPECTRA go up and down completely randomly.
Pair Corralation between JPMorgan Chase and SPECTRA
Considering the 90-day investment horizon JPMorgan Chase Co is expected to generate 1.73 times more return on investment than SPECTRA. However, JPMorgan Chase is 1.73 times more volatile than SPECTRA ENERGY PARTNERS. It trades about 0.12 of its potential returns per unit of risk. SPECTRA ENERGY PARTNERS is currently generating about -0.12 per unit of risk. If you would invest 21,549 in JPMorgan Chase Co on September 8, 2024 and sell it today you would earn a total of 3,187 from holding JPMorgan Chase Co or generate 14.79% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 80.0% |
Values | Daily Returns |
JPMorgan Chase Co vs. SPECTRA ENERGY PARTNERS
Performance |
Timeline |
JPMorgan Chase |
SPECTRA ENERGY PARTNERS |
JPMorgan Chase and SPECTRA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JPMorgan Chase and SPECTRA
The main advantage of trading using opposite JPMorgan Chase and SPECTRA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Chase position performs unexpectedly, SPECTRA 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 SPECTRA will offset losses from the drop in SPECTRA's long position.JPMorgan Chase vs. Citigroup | JPMorgan Chase vs. Toronto Dominion Bank | JPMorgan Chase vs. Nu Holdings | JPMorgan Chase vs. HSBC Holdings PLC |
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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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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