Correlation Between JPMorgan Chase and GraniteShares 175x
Can any of the company-specific risk be diversified away by investing in both JPMorgan Chase and GraniteShares 175x 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 GraniteShares 175x 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 GraniteShares 175x Long, you can compare the effects of market volatilities on JPMorgan Chase and GraniteShares 175x 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 GraniteShares 175x. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Chase and GraniteShares 175x.
Diversification Opportunities for JPMorgan Chase and GraniteShares 175x
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between JPMorgan and GraniteShares is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Chase Co and GraniteShares 175x Long in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GraniteShares 175x Long 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 GraniteShares 175x. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GraniteShares 175x Long has no effect on the direction of JPMorgan Chase i.e., JPMorgan Chase and GraniteShares 175x go up and down completely randomly.
Pair Corralation between JPMorgan Chase and GraniteShares 175x
Considering the 90-day investment horizon JPMorgan Chase Co is expected to under-perform the GraniteShares 175x. But the stock apears to be less risky and, when comparing its historical volatility, JPMorgan Chase Co is 4.98 times less risky than GraniteShares 175x. The stock trades about -0.06 of its potential returns per unit of risk. The GraniteShares 175x Long is currently generating about 0.7 of returns per unit of risk over similar time horizon. If you would invest 1,792 in GraniteShares 175x Long on November 27, 2024 and sell it today you would earn a total of 2,620 from holding GraniteShares 175x Long or generate 146.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JPMorgan Chase Co vs. GraniteShares 175x Long
Performance |
| Timeline |
| JPMorgan Chase |
| GraniteShares 175x Long |
JPMorgan Chase and GraniteShares 175x Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMorgan Chase and GraniteShares 175x
The main advantage of trading using opposite JPMorgan Chase and GraniteShares 175x positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Chase position performs unexpectedly, GraniteShares 175x 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 175x will offset losses from the drop in GraniteShares 175x's long position.| JPMorgan Chase vs. Citigroup | JPMorgan Chase vs. Wells Fargo | JPMorgan Chase vs. Toronto Dominion Bank | JPMorgan Chase vs. Royal Bank of |
| GraniteShares 175x vs. GraniteShares 15x Long | GraniteShares 175x vs. GraniteShares ETF Trust | GraniteShares 175x vs. GraniteShares 15x Long | GraniteShares 175x vs. Direxion Daily GOOGL |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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