Correlation Between JPMorgan Chase and Atreca

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Can any of the company-specific risk be diversified away by investing in both JPMorgan Chase and Atreca 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 JPMorgan Chase and Atreca into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JPMorgan Chase Co and Atreca Inc, you can compare the effects of market volatilities on JPMorgan Chase and Atreca 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 Chase with a short position of Atreca. Check out your portfolio center. Please also check ongoing floating volatility patterns of JPMorgan Chase and Atreca.

Diversification Opportunities for JPMorgan Chase and Atreca

-0.65
  Correlation Coefficient

Excellent diversification

The 3 months correlation between JPMorgan and Atreca is -0.65. Overlapping area represents the amount of risk that can be diversified away by holding JPMorgan Chase Co and Atreca Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atreca Inc and JPMorgan Chase 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 Atreca. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atreca Inc has no effect on the direction of JPMorgan Chase i.e., JPMorgan Chase and Atreca go up and down completely randomly.

Pair Corralation between JPMorgan Chase and Atreca

Considering the 90-day investment horizon JPMorgan Chase Co is expected to generate 0.26 times more return on investment than Atreca. However, JPMorgan Chase Co is 3.85 times less risky than Atreca. It trades about 0.21 of its potential returns per unit of risk. Atreca Inc is currently generating about -0.32 per unit of risk. If you would invest  12,720  in JPMorgan Chase Co on September 4, 2022 and sell it today you would earn a total of  796.00  from holding JPMorgan Chase Co or generate 6.26% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

JPMorgan Chase Co  vs.  Atreca Inc

 Performance (%) 
       Timeline  
JPMorgan Chase 
JPMorgan Performance
11 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in JPMorgan Chase Co are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. Even with relatively sluggish basic indicators, JPMorgan Chase revealed solid returns over the last few months and may actually be approaching a breakup point.

JPMorgan Price Channel

Atreca Inc 
Atreca Performance
0 of 100
Over the last 90 days Atreca Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Even with weak performance in the last few months, the Stock's technical and fundamental indicators remain relatively steady which may send shares a bit higher in January 2023. The new chaos may also be a sign of medium-term up-swing for the company stakeholders.

Atreca Price Channel

JPMorgan Chase and Atreca Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with JPMorgan Chase and Atreca

The main advantage of trading using opposite JPMorgan Chase and Atreca positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JPMorgan Chase position performs unexpectedly, Atreca 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 Atreca will offset losses from the drop in Atreca's long position.
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The idea behind JPMorgan Chase Co and Atreca Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.

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