Correlation Between JPMorgan Active and GraniteShares 125x
Can any of the company-specific risk be diversified away by investing in both JPMorgan Active and GraniteShares 125x 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 Active and GraniteShares 125x into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JPMorgan Active Value and GraniteShares 125x Long, you can compare the effects of market volatilities on JPMorgan Active and GraniteShares 125x 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 Active with a short position of GraniteShares 125x. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Active and GraniteShares 125x.
Diversification Opportunities for JPMorgan Active and GraniteShares 125x
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between JPMorgan and GraniteShares is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Active Value and GraniteShares 125x Long in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GraniteShares 125x Long and JPMorgan Active 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 Active Value are associated (or correlated) with GraniteShares 125x. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GraniteShares 125x Long has no effect on the direction of JPMorgan Active i.e., JPMorgan Active and GraniteShares 125x go up and down completely randomly.
Pair Corralation between JPMorgan Active and GraniteShares 125x
Given the investment horizon of 90 days JPMorgan Active Value is expected to generate 0.19 times more return on investment than GraniteShares 125x. However, JPMorgan Active Value is 5.15 times less risky than GraniteShares 125x. It trades about 0.33 of its potential returns per unit of risk. GraniteShares 125x Long is currently generating about -0.04 per unit of risk. If you would invest 6,391 in JPMorgan Active Value on November 4, 2024 and sell it today you would earn a total of 267.00 from holding JPMorgan Active Value or generate 4.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JPMorgan Active Value vs. GraniteShares 125x Long
Performance |
| Timeline |
| JPMorgan Active Value |
| GraniteShares 125x Long |
JPMorgan Active and GraniteShares 125x Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMorgan Active and GraniteShares 125x
The main advantage of trading using opposite JPMorgan Active and GraniteShares 125x positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Active position performs unexpectedly, GraniteShares 125x 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 GraniteShares 125x will offset losses from the drop in GraniteShares 125x's long position.| JPMorgan Active vs. Global X Funds | JPMorgan Active vs. Dell Technologies | JPMorgan Active vs. Juniper Networks |
| GraniteShares 125x vs. Canadian Solar | GraniteShares 125x vs. Emeren Group | GraniteShares 125x vs. First Solar | GraniteShares 125x vs. Ascent Solar Technologies, |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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