Correlation Between JPMorgan Chase and KROGER
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By analyzing existing cross correlation between JPMorgan Chase Co and KROGER 35 percent, you can compare the effects of market volatilities on JPMorgan Chase and KROGER 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 KROGER. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Chase and KROGER.
Diversification Opportunities for JPMorgan Chase and KROGER
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JPMorgan and KROGER is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Chase Co and KROGER 35 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KROGER 35 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 KROGER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KROGER 35 percent has no effect on the direction of JPMorgan Chase i.e., JPMorgan Chase and KROGER go up and down completely randomly.
Pair Corralation between JPMorgan Chase and KROGER
Considering the 90-day investment horizon JPMorgan Chase Co is expected to generate 9.46 times more return on investment than KROGER. However, JPMorgan Chase is 9.46 times more volatile than KROGER 35 percent. It trades about 0.18 of its potential returns per unit of risk. KROGER 35 percent is currently generating about 0.03 per unit of risk. If you would invest 22,441 in JPMorgan Chase Co on August 31, 2024 and sell it today you would earn a total of 2,531 from holding JPMorgan Chase Co or generate 11.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 91.3% |
| Values | Daily Returns |
JPMorgan Chase Co vs. KROGER 35 percent
Performance |
| Timeline |
| JPMorgan Chase |
| KROGER 35 percent |
JPMorgan Chase and KROGER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMorgan Chase and KROGER
The main advantage of trading using opposite JPMorgan Chase and KROGER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Chase position performs unexpectedly, KROGER 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 KROGER will offset losses from the drop in KROGER's long position.| JPMorgan Chase vs. Citigroup | JPMorgan Chase vs. Wells Fargo | JPMorgan Chase vs. Toronto Dominion Bank | JPMorgan Chase vs. Nu Holdings |
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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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