Correlation Between Apogee Enterprises and JPMORGAN
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By analyzing existing cross correlation between Apogee Enterprises and JPMORGAN CHASE CO, you can compare the effects of market volatilities on Apogee Enterprises and JPMORGAN 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 Apogee Enterprises with a short position of JPMORGAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Enterprises and JPMORGAN.
Diversification Opportunities for Apogee Enterprises and JPMORGAN
-0.48 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Apogee and JPMORGAN is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Enterprises and JPMORGAN CHASE CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPMORGAN CHASE CO and Apogee Enterprises 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 Apogee Enterprises are associated (or correlated) with JPMORGAN. 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 CO has no effect on the direction of Apogee Enterprises i.e., Apogee Enterprises and JPMORGAN go up and down completely randomly.
Pair Corralation between Apogee Enterprises and JPMORGAN
Given the investment horizon of 90 days Apogee Enterprises is expected to under-perform the JPMORGAN. But the stock apears to be less risky and, when comparing its historical volatility, Apogee Enterprises is 4.36 times less risky than JPMORGAN. The stock trades about -0.33 of its potential returns per unit of risk. The JPMORGAN CHASE CO is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 6,961 in JPMORGAN CHASE CO on September 12, 2024 and sell it today you would earn a total of 93.00 from holding JPMORGAN CHASE CO or generate 1.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Apogee Enterprises vs. JPMORGAN CHASE CO
Performance |
| Timeline |
| Apogee Enterprises |
| JPMORGAN CHASE CO |
Apogee Enterprises and JPMORGAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Enterprises and JPMORGAN
The main advantage of trading using opposite Apogee Enterprises and JPMORGAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Enterprises position performs unexpectedly, JPMORGAN 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 will offset losses from the drop in JPMORGAN's long position.| Apogee Enterprises vs. Quanex Building Products | Apogee Enterprises vs. Janus International Group | Apogee Enterprises vs. Interface | Apogee Enterprises vs. Azek Company |
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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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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