Correlation Between Jpmorgan Trust and Oklahoma Municipal
Can any of the company-specific risk be diversified away by investing in both Jpmorgan Trust and Oklahoma Municipal at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Jpmorgan Trust and Oklahoma Municipal into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Jpmorgan Trust Ii and Oklahoma Municipal Fund, you can compare the effects of market volatilities on Jpmorgan Trust and Oklahoma Municipal 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 Trust with a short position of Oklahoma Municipal. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jpmorgan Trust and Oklahoma Municipal.
Diversification Opportunities for Jpmorgan Trust and Oklahoma Municipal
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Jpmorgan and Oklahoma is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Jpmorgan Trust Ii and Oklahoma Municipal Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oklahoma Municipal and Jpmorgan Trust 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 Trust Ii are associated (or correlated) with Oklahoma Municipal. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oklahoma Municipal has no effect on the direction of Jpmorgan Trust i.e., Jpmorgan Trust and Oklahoma Municipal go up and down completely randomly.
Pair Corralation between Jpmorgan Trust and Oklahoma Municipal
If you would invest 1,052 in Oklahoma Municipal Fund on September 3, 2024 and sell it today you would earn a total of 14.00 from holding Oklahoma Municipal Fund or generate 1.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Jpmorgan Trust Ii vs. Oklahoma Municipal Fund
Performance |
| Timeline |
| Jpmorgan Trust Ii |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Oklahoma Municipal |
Jpmorgan Trust and Oklahoma Municipal Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jpmorgan Trust and Oklahoma Municipal
The main advantage of trading using opposite Jpmorgan Trust and Oklahoma Municipal positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jpmorgan Trust position performs unexpectedly, Oklahoma Municipal 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 Oklahoma Municipal will offset losses from the drop in Oklahoma Municipal's long position.| Jpmorgan Trust vs. Pgim Jennison Technology | Jpmorgan Trust vs. Global Technology Portfolio | Jpmorgan Trust vs. Ivy Science And | Jpmorgan Trust vs. Fidelity Advisor Technology |
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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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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