Correlation Between Griffon and JPMORGAN
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By analyzing existing cross correlation between Griffon and JPMORGAN CHASE CO, you can compare the effects of market volatilities on Griffon 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 Griffon with a short position of JPMORGAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and JPMORGAN.
Diversification Opportunities for Griffon and JPMORGAN
Good diversification
The 3 months correlation between Griffon and JPMORGAN is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Griffon 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 Griffon 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 Griffon 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 Griffon i.e., Griffon and JPMORGAN go up and down completely randomly.
Pair Corralation between Griffon and JPMORGAN
Considering the 90-day investment horizon Griffon is expected to generate 0.87 times more return on investment than JPMORGAN. However, Griffon is 1.14 times less risky than JPMORGAN. It trades about 0.16 of its potential returns per unit of risk. JPMORGAN CHASE CO is currently generating about 0.04 per unit of risk. If you would invest 6,980 in Griffon on September 12, 2024 and sell it today you would earn a total of 1,027 from holding Griffon or generate 14.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Griffon vs. JPMORGAN CHASE CO
Performance |
| Timeline |
| Griffon |
| JPMORGAN CHASE CO |
Griffon and JPMORGAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffon and JPMORGAN
The main advantage of trading using opposite Griffon and JPMORGAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon 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.| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
| JPMORGAN vs. GameStop Corp | JPMORGAN vs. Algoma Steel Group | JPMORGAN vs. Park Electrochemical | JPMORGAN vs. Summit Environmental |
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 Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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