Correlation Between JPMorgan Chase and SUNOCO
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By analyzing existing cross correlation between JPMorgan Chase Co and SUNOCO LOGISTICS PARTNERS, you can compare the effects of market volatilities on JPMorgan Chase and SUNOCO 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 SUNOCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Chase and SUNOCO.
Diversification Opportunities for JPMorgan Chase and SUNOCO
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between JPMorgan and SUNOCO is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Chase Co and SUNOCO LOGISTICS PARTNERS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SUNOCO LOGISTICS PARTNERS 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 SUNOCO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SUNOCO LOGISTICS PARTNERS has no effect on the direction of JPMorgan Chase i.e., JPMorgan Chase and SUNOCO go up and down completely randomly.
Pair Corralation between JPMorgan Chase and SUNOCO
Considering the 90-day investment horizon JPMorgan Chase is expected to generate 14.03 times less return on investment than SUNOCO. But when comparing it to its historical volatility, JPMorgan Chase Co is 34.47 times less risky than SUNOCO. It trades about 0.1 of its potential returns per unit of risk. SUNOCO LOGISTICS PARTNERS is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 10,204 in SUNOCO LOGISTICS PARTNERS on September 3, 2024 and sell it today you would lose (119.00) from holding SUNOCO LOGISTICS PARTNERS or give up 1.17% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 88.69% |
| Values | Daily Returns |
JPMorgan Chase Co vs. SUNOCO LOGISTICS PARTNERS
Performance |
| Timeline |
| JPMorgan Chase |
| SUNOCO LOGISTICS PARTNERS |
JPMorgan Chase and SUNOCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMorgan Chase and SUNOCO
The main advantage of trading using opposite JPMorgan Chase and SUNOCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Chase position performs unexpectedly, SUNOCO 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 SUNOCO will offset losses from the drop in SUNOCO's long position.| JPMorgan Chase vs. Partner Communications | JPMorgan Chase vs. Merck Company | JPMorgan Chase vs. Western Midstream Partners | JPMorgan Chase vs. Edgewise Therapeutics |
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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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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