Correlation Between JPMORGAN and JetBlue Airways
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By analyzing existing cross correlation between JPMORGAN CHASE CO and JetBlue Airways Corp, you can compare the effects of market volatilities on JPMORGAN and JetBlue Airways 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 with a short position of JetBlue Airways. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMORGAN and JetBlue Airways.
Diversification Opportunities for JPMORGAN and JetBlue Airways
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JPMORGAN and JetBlue is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding JPMORGAN CHASE CO and JetBlue Airways Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JetBlue Airways Corp and JPMORGAN 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 JetBlue Airways. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JetBlue Airways Corp has no effect on the direction of JPMORGAN i.e., JPMORGAN and JetBlue Airways go up and down completely randomly.
Pair Corralation between JPMORGAN and JetBlue Airways
Assuming the 90 days trading horizon JPMORGAN CHASE CO is expected to under-perform the JetBlue Airways. But the bond apears to be less risky and, when comparing its historical volatility, JPMORGAN CHASE CO is 1.22 times less risky than JetBlue Airways. The bond trades about -0.2 of its potential returns per unit of risk. The JetBlue Airways Corp is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 577.00 in JetBlue Airways Corp on September 2, 2024 and sell it today you would earn a total of 20.00 from holding JetBlue Airways Corp or generate 3.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
JPMORGAN CHASE CO vs. JetBlue Airways Corp
Performance |
| Timeline |
| JPMORGAN CHASE CO |
| JetBlue Airways Corp |
JPMORGAN and JetBlue Airways Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMORGAN and JetBlue Airways
The main advantage of trading using opposite JPMORGAN and JetBlue Airways positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMORGAN position performs unexpectedly, JetBlue Airways 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 JetBlue Airways will offset losses from the drop in JetBlue Airways' long position.| JPMORGAN vs. AEP TEX INC | JPMORGAN vs. US BANK NATIONAL | JPMORGAN vs. American Express | JPMORGAN vs. Chevron Corp |
| JetBlue Airways vs. Frontier Group Holdings | JetBlue Airways vs. Southwest Airlines | JetBlue Airways vs. United Airlines Holdings | JetBlue Airways vs. American Airlines Group |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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