Correlation Between AMCON Distributing and JPMORGAN
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By analyzing existing cross correlation between AMCON Distributing and JPMORGAN CHASE 64, you can compare the effects of market volatilities on AMCON Distributing 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 AMCON Distributing with a short position of JPMORGAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMCON Distributing and JPMORGAN.
Diversification Opportunities for AMCON Distributing and JPMORGAN
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between AMCON and JPMORGAN is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding AMCON Distributing and JPMORGAN CHASE 64 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPMORGAN CHASE 64 and AMCON Distributing 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 AMCON Distributing 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 64 has no effect on the direction of AMCON Distributing i.e., AMCON Distributing and JPMORGAN go up and down completely randomly.
Pair Corralation between AMCON Distributing and JPMORGAN
Considering the 90-day investment horizon AMCON Distributing is expected to generate 5.11 times more return on investment than JPMORGAN. However, AMCON Distributing is 5.11 times more volatile than JPMORGAN CHASE 64. It trades about 0.02 of its potential returns per unit of risk. JPMORGAN CHASE 64 is currently generating about 0.04 per unit of risk. If you would invest 13,158 in AMCON Distributing on November 30, 2024 and sell it today you would earn a total of 41.00 from holding AMCON Distributing or generate 0.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.62% |
| Values | Daily Returns |
AMCON Distributing vs. JPMORGAN CHASE 64
Performance |
| Timeline |
| AMCON Distributing |
| JPMORGAN CHASE 64 |
AMCON Distributing and JPMORGAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMCON Distributing and JPMORGAN
The main advantage of trading using opposite AMCON Distributing and JPMORGAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMCON Distributing 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.| AMCON Distributing vs. The Chefs Warehouse | AMCON Distributing vs. G Willi Food International | AMCON Distributing vs. SpartanNash Co | AMCON Distributing vs. Calavo Growers |
| JPMORGAN vs. Modine Manufacturing | JPMORGAN vs. MobileSmith | JPMORGAN vs. Insteel Industries | JPMORGAN vs. Sphere Entertainment Co |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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