Correlation Between JPMorgan Chase and ENBRIDGE
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By analyzing existing cross correlation between JPMorgan Chase Co and ENBRIDGE INC 45, you can compare the effects of market volatilities on JPMorgan Chase and ENBRIDGE 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 ENBRIDGE. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Chase and ENBRIDGE.
Diversification Opportunities for JPMorgan Chase and ENBRIDGE
-0.65 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JPMorgan and ENBRIDGE is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Chase Co and ENBRIDGE INC 45 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENBRIDGE INC 45 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 ENBRIDGE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENBRIDGE INC 45 has no effect on the direction of JPMorgan Chase i.e., JPMorgan Chase and ENBRIDGE go up and down completely randomly.
Pair Corralation between JPMorgan Chase and ENBRIDGE
Considering the 90-day investment horizon JPMorgan Chase Co is expected to under-perform the ENBRIDGE. In addition to that, JPMorgan Chase is 1.31 times more volatile than ENBRIDGE INC 45. It trades about 0.0 of its total potential returns per unit of risk. ENBRIDGE INC 45 is currently generating about 0.05 per unit of volatility. If you would invest 8,249 in ENBRIDGE INC 45 on November 25, 2024 and sell it today you would earn a total of 37.00 from holding ENBRIDGE INC 45 or generate 0.45% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 47.62% |
Values | Daily Returns |
JPMorgan Chase Co vs. ENBRIDGE INC 45
Performance |
Timeline |
JPMorgan Chase |
ENBRIDGE INC 45 |
JPMorgan Chase and ENBRIDGE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with JPMorgan Chase and ENBRIDGE
The main advantage of trading using opposite JPMorgan Chase and ENBRIDGE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Chase position performs unexpectedly, ENBRIDGE 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 ENBRIDGE will offset losses from the drop in ENBRIDGE's long position.JPMorgan Chase vs. Citigroup | ||
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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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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