Correlation Analysis Between Canadian Imperial and JP Morgan

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

Canadian Imperial Bank  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Canadian Imperial Bank Of Comme are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. Even with considerably weak technical indicators, Canadian Imperial may actually be approaching a critical reversion point that can send shares even higher in November 2019.
JP Morgan Chase  
44

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in JP Morgan Chase Co are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days. Even with considerably steady technical indicators, JP Morgan is not utilizing all of its potentials. The current stock price chaos, may contribute to medium term losses for the stakeholders.

Canadian Imperial and JP Morgan Volatility Contrast

 Predicted Return Density 
      Returns 

Canadian Imperial Bank Of Comm  vs.  JP Morgan Chase Co

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Canadian Imperial Bank Of Comme is expected to generate 0.64 times more return on investment than JP Morgan. However, Canadian Imperial Bank Of Comme is 1.56 times less risky than JP Morgan. It trades about 0.13 of its potential returns per unit of risk. JP Morgan Chase Co is currently generating about 0.06 per unit of risk. If you would invest  7,839  in Canadian Imperial Bank Of Comme on September 20, 2019 and sell it today you would earn a total of  616.00  from holding Canadian Imperial Bank Of Comme or generate 7.86% return on investment over 30 days.

Pair Corralation between Canadian Imperial and JP Morgan

0.91
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Canadian Imperial and JP Morgan

Canadian Imperial Bank Of Comm diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Canadian Imperial Bank Of Comm 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 Canadian Imperial 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 Canadian Imperial Bank Of Comme 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 Canadian Imperial i.e. Canadian Imperial and JP Morgan go up and down completely randomly.
See also your portfolio center. Please also try Price Ceiling Movement module to calculate and plot price ceiling movement for different equity instruments.


 
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