Correlation Between JPMorgan Chase and Aptose Biosciences
Can any of the company-specific risk be diversified away by investing in both JPMorgan Chase and Aptose Biosciences 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 Chase and Aptose Biosciences into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JPMorgan Chase Co and Aptose Biosciences, you can compare the effects of market volatilities on JPMorgan Chase and Aptose Biosciences 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 Chase with a short position of Aptose Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Chase and Aptose Biosciences.
Diversification Opportunities for JPMorgan Chase and Aptose Biosciences
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JPMorgan and Aptose is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Chase Co and Aptose Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aptose Biosciences and JPMorgan Chase 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 Chase Co are associated (or correlated) with Aptose Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aptose Biosciences has no effect on the direction of JPMorgan Chase i.e., JPMorgan Chase and Aptose Biosciences go up and down completely randomly.
Pair Corralation between JPMorgan Chase and Aptose Biosciences
Assuming the 90 days trading horizon JPMorgan Chase Co is expected to generate 0.33 times more return on investment than Aptose Biosciences. However, JPMorgan Chase Co is 3.02 times less risky than Aptose Biosciences. It trades about 0.12 of its potential returns per unit of risk. Aptose Biosciences is currently generating about -0.22 per unit of risk. If you would invest 2,611 in JPMorgan Chase Co on September 3, 2024 and sell it today you would earn a total of 733.00 from holding JPMorgan Chase Co or generate 28.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JPMorgan Chase Co vs. Aptose Biosciences
Performance |
| Timeline |
| JPMorgan Chase |
| Aptose Biosciences |
JPMorgan Chase and Aptose Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMorgan Chase and Aptose Biosciences
The main advantage of trading using opposite JPMorgan Chase and Aptose Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Chase position performs unexpectedly, Aptose Biosciences 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 Aptose Biosciences will offset losses from the drop in Aptose Biosciences' long position.| JPMorgan Chase vs. Intact Financial Corp | JPMorgan Chase vs. Primaris Retail RE | JPMorgan Chase vs. Plaza Retail REIT | JPMorgan Chase vs. Financial 15 Split |
| Aptose Biosciences vs. Westaim Corp | Aptose Biosciences vs. Pulse Seismic | Aptose Biosciences vs. Quarterhill | Aptose Biosciences vs. TECSYS Inc |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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