Correlation Between Summit Environmental and JPMORGAN

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Can any of the company-specific risk be diversified away by investing in both Summit Environmental and JPMORGAN at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Summit Environmental and JPMORGAN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Summit Environmental and JPMORGAN CHASE CO, you can compare the effects of market volatilities on Summit Environmental 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 Summit Environmental with a short position of JPMORGAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Summit Environmental and JPMORGAN.

Diversification Opportunities for Summit Environmental and JPMORGAN

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Summit and JPMORGAN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Summit Environmental 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 Summit Environmental 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 Summit Environmental 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 Summit Environmental i.e., Summit Environmental and JPMORGAN go up and down completely randomly.

Pair Corralation between Summit Environmental and JPMORGAN

If you would invest  6,860  in JPMORGAN CHASE CO on September 12, 2024 and sell it today you would earn a total of  194.00  from holding JPMORGAN CHASE CO or generate 2.83% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy97.37%
ValuesDaily Returns

Summit Environmental  vs.  JPMORGAN CHASE CO

 Performance 
       Timeline  
Summit Environmental 

Risk-Adjusted Performance

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Over the last 90 days Summit Environmental has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable basic indicators, Summit Environmental is not utilizing all of its potentials. The recent stock price uproar, may contribute to short-horizon losses for the private investors.
JPMORGAN CHASE CO 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days JPMORGAN CHASE CO has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, JPMORGAN is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.

Summit Environmental and JPMORGAN Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Summit Environmental and JPMORGAN

The main advantage of trading using opposite Summit Environmental and JPMORGAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Summit Environmental 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.
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The idea behind Summit Environmental and JPMORGAN CHASE CO pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.

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