Correlation Between JPMorgan Chase and Patterson
Specify exactly 2 symbols:
By analyzing existing cross correlation between JPMorgan Chase Co and Patterson UTI Energy 515, you can compare the effects of market volatilities on JPMorgan Chase and Patterson 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 Patterson. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Chase and Patterson.
Diversification Opportunities for JPMorgan Chase and Patterson
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between JPMorgan and Patterson is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Chase Co and Patterson UTI Energy 515 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Patterson UTI Energy 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 Patterson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Patterson UTI Energy has no effect on the direction of JPMorgan Chase i.e., JPMorgan Chase and Patterson go up and down completely randomly.
Pair Corralation between JPMorgan Chase and Patterson
Considering the 90-day investment horizon JPMorgan Chase Co is expected to under-perform the Patterson. In addition to that, JPMorgan Chase is 2.22 times more volatile than Patterson UTI Energy 515. It trades about -0.1 of its total potential returns per unit of risk. Patterson UTI Energy 515 is currently generating about -0.05 per unit of volatility. If you would invest 9,833 in Patterson UTI Energy 515 on November 28, 2024 and sell it today you would lose (70.00) from holding Patterson UTI Energy 515 or give up 0.71% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
JPMorgan Chase Co vs. Patterson UTI Energy 515
Performance |
| Timeline |
| JPMorgan Chase |
| Patterson UTI Energy |
JPMorgan Chase and Patterson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMorgan Chase and Patterson
The main advantage of trading using opposite JPMorgan Chase and Patterson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Chase position performs unexpectedly, Patterson 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 Patterson will offset losses from the drop in Patterson's long position.| JPMorgan Chase vs. Citigroup | JPMorgan Chase vs. Wells Fargo | JPMorgan Chase vs. Toronto Dominion Bank | JPMorgan Chase vs. Royal Bank of |
| Patterson vs. Lululemon Athletica | Patterson vs. MYT Netherlands Parent | Patterson vs. Vulcan Materials | Patterson vs. National Vision Holdings |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities |