Correlation Analysis Between Agilent Technologies and JP Morgan

This module allows you to analyze existing cross correlation between Agilent Technologies and JP Morgan Chase Co. You can compare the effects of market volatilities on Agilent Technologies and JP Morgan 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 Agilent Technologies with a short position of JP Morgan. See also your portfolio center. Please also check ongoing floating volatility patterns of Agilent Technologies and JP Morgan.
Horizon     30 Days    Login   to change
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Comparative Performance

Agilent Technologies  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite somewhat strong basic indicators, Agilent Technologies is not utilizing all of its potentials. The prevalent stock price disturbance, may contribute to short term losses for the investors.
JP Morgan Chase  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in JP Morgan Chase Co are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, JP Morgan may actually be approaching a critical reversion point that can send shares even higher in October 2019.

Agilent Technologies and JP Morgan Volatility Contrast

 Predicted Return Density 
      Returns 

Agilent Technologies Inc  vs.  JP Morgan Chase Co

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Agilent Technologies is expected to generate 1.67 times less return on investment than JP Morgan. In addition to that, Agilent Technologies is 1.17 times more volatile than JP Morgan Chase Co. It trades about 0.05 of its total potential returns per unit of risk. JP Morgan Chase Co is currently generating about 0.1 per unit of volatility. If you would invest  10,941  in JP Morgan Chase Co on August 19, 2019 and sell it today you would earn a total of  916.00  from holding JP Morgan Chase Co or generate 8.37% return on investment over 30 days.

Pair Corralation between Agilent Technologies and JP Morgan

-0.49
Time Period3 Months [change]
DirectionNegative 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Agilent Technologies and JP Morgan

Agilent Technologies Inc diversification synergy

Very good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies Inc and JP Morgan Chase Co in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on JP Morgan Chase and Agilent Technologies 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 Agilent Technologies are associated (or correlated) with JP Morgan. 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 Agilent Technologies i.e. Agilent Technologies and JP Morgan go up and down completely randomly.
See also your portfolio center. Please also try Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.


 
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