Correlation Between Sweetgreen and JPMORGAN

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Can any of the company-specific risk be diversified away by investing in both Sweetgreen 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 Sweetgreen and JPMORGAN into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sweetgreen and JPMORGAN CHASE CO, you can compare the effects of market volatilities on Sweetgreen 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 Sweetgreen with a short position of JPMORGAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sweetgreen and JPMORGAN.

Diversification Opportunities for Sweetgreen and JPMORGAN

-0.53
  Correlation Coefficient

Excellent diversification

The 3 months correlation between Sweetgreen and JPMORGAN is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Sweetgreen 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 Sweetgreen 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 Sweetgreen 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 Sweetgreen i.e., Sweetgreen and JPMORGAN go up and down completely randomly.

Pair Corralation between Sweetgreen and JPMORGAN

Allowing for the 90-day total investment horizon Sweetgreen is expected to generate 3.86 times more return on investment than JPMORGAN. However, Sweetgreen is 3.86 times more volatile than JPMORGAN CHASE CO. It trades about 0.08 of its potential returns per unit of risk. JPMORGAN CHASE CO is currently generating about -0.02 per unit of risk. If you would invest  1,081  in Sweetgreen on September 3, 2024 and sell it today you would earn a total of  3,017  from holding Sweetgreen or generate 279.09% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthVery Weak
Accuracy97.17%
ValuesDaily Returns

Sweetgreen  vs.  JPMORGAN CHASE CO

 Performance 
       Timeline  
Sweetgreen 

Risk-Adjusted Performance

12 of 100

 
Weak
 
Strong
Good
Compared to the overall equity markets, risk-adjusted returns on investments in Sweetgreen are ranked lower than 12 (%) of all global equities and portfolios over the last 90 days. Despite nearly unfluctuating technical and fundamental indicators, Sweetgreen reported solid returns over the last few months and may actually be approaching a breakup point.
JPMORGAN CHASE CO 

Risk-Adjusted Performance

0 of 100

 
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 weak performance in the last few months, the Bond's basic indicators remain somewhat strong which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long term up-swing for JPMORGAN CHASE CO investors.

Sweetgreen and JPMORGAN Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Sweetgreen and JPMORGAN

The main advantage of trading using opposite Sweetgreen and JPMORGAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sweetgreen 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 Sweetgreen 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..

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