Correlation Between Astoria Financial and JPMorgan Chase
Can any of the company-specific risk be diversified away by investing in both Astoria Financial and JPMorgan Chase 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 Astoria Financial and JPMorgan Chase into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Astoria Financial Corp and JPMorgan Chase Co, you can compare the effects of market volatilities on Astoria Financial and JPMorgan Chase 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 Astoria Financial with a short position of JPMorgan Chase. Check out your portfolio center. Please also check ongoing floating volatility patterns of Astoria Financial and JPMorgan Chase.
Diversification Opportunities for Astoria Financial and JPMorgan Chase
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Astoria and JPMorgan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Astoria Financial Corp and JPMorgan Chase Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPMorgan Chase and Astoria Financial 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 Astoria Financial Corp are associated (or correlated) with JPMorgan Chase. 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 has no effect on the direction of Astoria Financial i.e., Astoria Financial and JPMorgan Chase go up and down completely randomly.
Pair Corralation between Astoria Financial and JPMorgan Chase
If you would invest 18,438 in JPMorgan Chase Co on December 30, 2023 and sell it today you would earn a total of 1,592 from holding JPMorgan Chase Co or generate 8.63% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Astoria Financial Corp vs. JPMorgan Chase Co
Performance |
Timeline |
Astoria Financial Corp |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
JPMorgan Chase |
Astoria Financial and JPMorgan Chase Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Astoria Financial and JPMorgan Chase
The main advantage of trading using opposite Astoria Financial and JPMorgan Chase positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Astoria Financial position performs unexpectedly, JPMorgan Chase 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 Chase will offset losses from the drop in JPMorgan Chase's long position.Astoria Financial vs. Aspen Aerogels | Astoria Financial vs. Harmony Gold Mining | Astoria Financial vs. GEN Restaurant Group | Astoria Financial vs. Sweetgreen |
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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 Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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