Correlation Between JPMORGAN and Regeneron Pharmaceuticals
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By analyzing existing cross correlation between JPMORGAN CHASE CO and Regeneron Pharmaceuticals, you can compare the effects of market volatilities on JPMORGAN and Regeneron Pharmaceuticals 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 Regeneron Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMORGAN and Regeneron Pharmaceuticals.
Diversification Opportunities for JPMORGAN and Regeneron Pharmaceuticals
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between JPMORGAN and Regeneron is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding JPMORGAN CHASE CO and Regeneron Pharmaceuticals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Regeneron Pharmaceuticals 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 Regeneron Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Regeneron Pharmaceuticals has no effect on the direction of JPMORGAN i.e., JPMORGAN and Regeneron Pharmaceuticals go up and down completely randomly.
Pair Corralation between JPMORGAN and Regeneron Pharmaceuticals
Assuming the 90 days trading horizon JPMORGAN CHASE CO is expected to generate 0.38 times more return on investment than Regeneron Pharmaceuticals. However, JPMORGAN CHASE CO is 2.64 times less risky than Regeneron Pharmaceuticals. It trades about -0.16 of its potential returns per unit of risk. Regeneron Pharmaceuticals is currently generating about -0.43 per unit of risk. If you would invest 9,537 in JPMORGAN CHASE CO on September 2, 2024 and sell it today you would lose (153.00) from holding JPMORGAN CHASE CO or give up 1.6% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
JPMORGAN CHASE CO vs. Regeneron Pharmaceuticals
Performance |
| Timeline |
| JPMORGAN CHASE CO |
| Regeneron Pharmaceuticals |
JPMORGAN and Regeneron Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JPMORGAN and Regeneron Pharmaceuticals
The main advantage of trading using opposite JPMORGAN and Regeneron Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMORGAN position performs unexpectedly, Regeneron Pharmaceuticals 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 Regeneron Pharmaceuticals will offset losses from the drop in Regeneron Pharmaceuticals' long position.| JPMORGAN vs. AEP TEX INC | JPMORGAN vs. US BANK NATIONAL | JPMORGAN vs. American Express | JPMORGAN vs. Chevron Corp |
| Regeneron Pharmaceuticals vs. Crispr Therapeutics AG | Regeneron Pharmaceuticals vs. Novo Nordisk AS | Regeneron Pharmaceuticals vs. Sarepta Therapeutics | Regeneron Pharmaceuticals vs. Intellia Therapeutics |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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