Correlation Between JPMorgan Nasdaq and EXELON
Specify exactly 2 symbols:
By analyzing existing cross correlation between JPMorgan Nasdaq Equity and EXELON P 51, you can compare the effects of market volatilities on JPMorgan Nasdaq and EXELON 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 Nasdaq with a short position of EXELON. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Nasdaq and EXELON.
Diversification Opportunities for JPMorgan Nasdaq and EXELON
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JPMorgan and EXELON is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Nasdaq Equity and EXELON P 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXELON P 51 and JPMorgan Nasdaq 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 Nasdaq Equity are associated (or correlated) with EXELON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXELON P 51 has no effect on the direction of JPMorgan Nasdaq i.e., JPMorgan Nasdaq and EXELON go up and down completely randomly.
Pair Corralation between JPMorgan Nasdaq and EXELON
Given the investment horizon of 90 days JPMorgan Nasdaq Equity is expected to generate 0.68 times more return on investment than EXELON. However, JPMorgan Nasdaq Equity is 1.46 times less risky than EXELON. It trades about 0.09 of its potential returns per unit of risk. EXELON P 51 is currently generating about 0.01 per unit of risk. If you would invest 5,139 in JPMorgan Nasdaq Equity on August 30, 2024 and sell it today you would earn a total of 529.00 from holding JPMorgan Nasdaq Equity or generate 10.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 77.78% |
| Values | Daily Returns |
JPMorgan Nasdaq Equity vs. EXELON P 51
Performance |
| Timeline |
| JPMorgan Nasdaq Equity |
| EXELON P 51 |
JPMorgan Nasdaq and EXELON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMorgan Nasdaq and EXELON
The main advantage of trading using opposite JPMorgan Nasdaq and EXELON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Nasdaq position performs unexpectedly, EXELON 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 EXELON will offset losses from the drop in EXELON's long position.| JPMorgan Nasdaq vs. JPMorgan Equity Premium | JPMorgan Nasdaq vs. Global X SP | JPMorgan Nasdaq vs. Amplify CWP Enhanced | JPMorgan Nasdaq vs. Global X Russell |
| EXELON vs. AEP TEX INC | EXELON vs. US BANK NATIONAL | EXELON vs. Applied Blockchain | EXELON vs. Neutra Corp |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators |