Correlation Between JPMorgan Chase and HALLIBURTON
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By analyzing existing cross correlation between JPMorgan Chase Co and HALLIBURTON 475 percent, you can compare the effects of market volatilities on JPMorgan Chase and HALLIBURTON 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 HALLIBURTON. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Chase and HALLIBURTON.
Diversification Opportunities for JPMorgan Chase and HALLIBURTON
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between JPMorgan and HALLIBURTON is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Chase Co and HALLIBURTON 475 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 475 percent 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 HALLIBURTON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HALLIBURTON 475 percent has no effect on the direction of JPMorgan Chase i.e., JPMorgan Chase and HALLIBURTON go up and down completely randomly.
Pair Corralation between JPMorgan Chase and HALLIBURTON
Considering the 90-day investment horizon JPMorgan Chase Co is expected to under-perform the HALLIBURTON. In addition to that, JPMorgan Chase is 1.07 times more volatile than HALLIBURTON 475 percent. It trades about -0.08 of its total potential returns per unit of risk. HALLIBURTON 475 percent is currently generating about 0.11 per unit of volatility. If you would invest 8,762 in HALLIBURTON 475 percent on November 28, 2024 and sell it today you would earn a total of 261.00 from holding HALLIBURTON 475 percent or generate 2.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JPMorgan Chase Co vs. HALLIBURTON 475 percent
Performance |
| Timeline |
| JPMorgan Chase |
| HALLIBURTON 475 percent |
JPMorgan Chase and HALLIBURTON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMorgan Chase and HALLIBURTON
The main advantage of trading using opposite JPMorgan Chase and HALLIBURTON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Chase position performs unexpectedly, HALLIBURTON 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 HALLIBURTON will offset losses from the drop in HALLIBURTON's long position.| JPMorgan Chase vs. Citigroup | JPMorgan Chase vs. Wells Fargo | JPMorgan Chase vs. Toronto Dominion Bank | JPMorgan Chase vs. Royal Bank of |
| HALLIBURTON vs. Alternative Investment | HALLIBURTON vs. Nasdaq Inc | HALLIBURTON vs. Tradeweb Markets | HALLIBURTON vs. Sea |
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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