Correlation Between Regeneron Pharmaceuticals and JPMORGAN
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By analyzing existing cross correlation between Regeneron Pharmaceuticals and JPMORGAN CHASE CO, you can compare the effects of market volatilities on Regeneron Pharmaceuticals and JPMORGAN 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 Regeneron Pharmaceuticals with a short position of JPMORGAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Regeneron Pharmaceuticals and JPMORGAN.
Diversification Opportunities for Regeneron Pharmaceuticals and JPMORGAN
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Regeneron and JPMORGAN is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Regeneron Pharmaceuticals and JPMORGAN CHASE CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPMORGAN CHASE CO and Regeneron Pharmaceuticals 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 Regeneron Pharmaceuticals are associated (or correlated) with JPMORGAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JPMORGAN CHASE CO has no effect on the direction of Regeneron Pharmaceuticals i.e., Regeneron Pharmaceuticals and JPMORGAN go up and down completely randomly.
Pair Corralation between Regeneron Pharmaceuticals and JPMORGAN
Given the investment horizon of 90 days Regeneron Pharmaceuticals is expected to generate 1.49 times less return on investment than JPMORGAN. In addition to that, Regeneron Pharmaceuticals is 7.26 times more volatile than JPMORGAN CHASE CO. It trades about 0.01 of its total potential returns per unit of risk. JPMORGAN CHASE CO is currently generating about 0.07 per unit of volatility. If you would invest 8,917 in JPMORGAN CHASE CO on August 31, 2024 and sell it today you would earn a total of 467.00 from holding JPMORGAN CHASE CO or generate 5.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.93% |
| Values | Daily Returns |
Regeneron Pharmaceuticals vs. JPMORGAN CHASE CO
Performance |
| Timeline |
| Regeneron Pharmaceuticals |
| JPMORGAN CHASE CO |
Regeneron Pharmaceuticals and JPMORGAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Regeneron Pharmaceuticals and JPMORGAN
The main advantage of trading using opposite Regeneron Pharmaceuticals and JPMORGAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Regeneron Pharmaceuticals position performs unexpectedly, JPMORGAN 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 JPMORGAN will offset losses from the drop in JPMORGAN's long position.| Regeneron Pharmaceuticals vs. Crispr Therapeutics AG | Regeneron Pharmaceuticals vs. Novo Nordisk AS | Regeneron Pharmaceuticals vs. Sarepta Therapeutics | Regeneron Pharmaceuticals vs. Intellia Therapeutics |
| JPMORGAN vs. Regeneron Pharmaceuticals | JPMORGAN vs. Grupo Aeroportuario del | JPMORGAN vs. Valneva SE ADR | JPMORGAN vs. Abcellera Biologics |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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