Correlation Between Weyco and 48126BAA1
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By analyzing existing cross correlation between Weyco Group and JP Morgan Chase, you can compare the effects of market volatilities on Weyco and 48126BAA1 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 Weyco with a short position of 48126BAA1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Weyco and 48126BAA1.
Diversification Opportunities for Weyco and 48126BAA1
Excellent diversification
The 3 months correlation between Weyco and 48126BAA1 is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding Weyco Group and JP Morgan Chase in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JP Morgan Chase and Weyco 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 Weyco Group are associated (or correlated) with 48126BAA1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JP Morgan Chase has no effect on the direction of Weyco i.e., Weyco and 48126BAA1 go up and down completely randomly.
Pair Corralation between Weyco and 48126BAA1
Given the investment horizon of 90 days Weyco Group is expected to generate 2.52 times more return on investment than 48126BAA1. However, Weyco is 2.52 times more volatile than JP Morgan Chase. It trades about 0.05 of its potential returns per unit of risk. JP Morgan Chase is currently generating about 0.0 per unit of risk. If you would invest 2,852 in Weyco Group on September 5, 2024 and sell it today you would earn a total of 713.00 from holding Weyco Group or generate 25.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.19% |
| Values | Daily Returns |
Weyco Group vs. JP Morgan Chase
Performance |
| Timeline |
| Weyco Group |
| JP Morgan Chase |
Weyco and 48126BAA1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Weyco and 48126BAA1
The main advantage of trading using opposite Weyco and 48126BAA1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Weyco position performs unexpectedly, 48126BAA1 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 48126BAA1 will offset losses from the drop in 48126BAA1's long position.| Weyco vs. The Chefs Warehouse | Weyco vs. G Willi Food International | Weyco vs. SpartanNash Co | Weyco vs. Calavo Growers |
| 48126BAA1 vs. AEP TEX INC | 48126BAA1 vs. US BANK NATIONAL | 48126BAA1 vs. Jackson Financial | 48126BAA1 vs. MetLife |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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