Correlation Between JPMorgan Chase and ANTHEM
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By analyzing existing cross correlation between JPMorgan Chase Co and ANTHEM INC 4101, you can compare the effects of market volatilities on JPMorgan Chase and ANTHEM 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 ANTHEM. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Chase and ANTHEM.
Diversification Opportunities for JPMorgan Chase and ANTHEM
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JPMorgan and ANTHEM is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Chase Co and ANTHEM INC 4101 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ANTHEM INC 4101 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 ANTHEM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ANTHEM INC 4101 has no effect on the direction of JPMorgan Chase i.e., JPMorgan Chase and ANTHEM go up and down completely randomly.
Pair Corralation between JPMorgan Chase and ANTHEM
Considering the 90-day investment horizon JPMorgan Chase Co is expected to generate 5.18 times more return on investment than ANTHEM. However, JPMorgan Chase is 5.18 times more volatile than ANTHEM INC 4101. It trades about 0.12 of its potential returns per unit of risk. ANTHEM INC 4101 is currently generating about 0.0 per unit of risk. If you would invest 17,134 in JPMorgan Chase Co on August 28, 2024 and sell it today you would earn a total of 7,895 from holding JPMorgan Chase Co or generate 46.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 99.04% |
| Values | Daily Returns |
JPMorgan Chase Co vs. ANTHEM INC 4101
Performance |
| Timeline |
| JPMorgan Chase |
| ANTHEM INC 4101 |
JPMorgan Chase and ANTHEM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMorgan Chase and ANTHEM
The main advantage of trading using opposite JPMorgan Chase and ANTHEM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Chase position performs unexpectedly, ANTHEM 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 ANTHEM will offset losses from the drop in ANTHEM's long position.| JPMorgan Chase vs. Nu Holdings | JPMorgan Chase vs. HSBC Holdings PLC | JPMorgan Chase vs. Bank of Montreal | JPMorgan Chase vs. Bank of Nova |
| ANTHEM vs. AEP TEX INC | ANTHEM vs. US BANK NATIONAL | ANTHEM vs. Eat Beyond Global | ANTHEM vs. Charles Schwab 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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