Correlation Between JPMorgan Chase and Nexstar
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By analyzing existing cross correlation between JPMorgan Chase Co and Nexstar Escrow 5625, you can compare the effects of market volatilities on JPMorgan Chase and Nexstar 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 Nexstar. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Chase and Nexstar.
Diversification Opportunities for JPMorgan Chase and Nexstar
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JPMorgan and Nexstar is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Chase Co and Nexstar Escrow 5625 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nexstar Escrow 5625 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 Nexstar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nexstar Escrow 5625 has no effect on the direction of JPMorgan Chase i.e., JPMorgan Chase and Nexstar go up and down completely randomly.
Pair Corralation between JPMorgan Chase and Nexstar
Considering the 90-day investment horizon JPMorgan Chase is expected to generate 12.37 times less return on investment than Nexstar. But when comparing it to its historical volatility, JPMorgan Chase Co is 32.75 times less risky than Nexstar. It trades about 0.11 of its potential returns per unit of risk. Nexstar Escrow 5625 is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 9,491 in Nexstar Escrow 5625 on August 28, 2024 and sell it today you would earn a total of 147.00 from holding Nexstar Escrow 5625 or generate 1.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 97.98% |
| Values | Daily Returns |
JPMorgan Chase Co vs. Nexstar Escrow 5625
Performance |
| Timeline |
| JPMorgan Chase |
| Nexstar Escrow 5625 |
JPMorgan Chase and Nexstar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMorgan Chase and Nexstar
The main advantage of trading using opposite JPMorgan Chase and Nexstar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Chase position performs unexpectedly, Nexstar 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 Nexstar will offset losses from the drop in Nexstar'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 |
| Nexstar vs. AEP TEX INC | Nexstar vs. US BANK NATIONAL | Nexstar vs. Omega Healthcare Investors | Nexstar vs. Zoom Video Communications |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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