Correlation Between Canlan Ice and JPMorgan Chase
Can any of the company-specific risk be diversified away by investing in both Canlan Ice 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 Canlan Ice and JPMorgan Chase into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Canlan Ice Sports and JPMorgan Chase Co, you can compare the effects of market volatilities on Canlan Ice 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 Canlan Ice with a short position of JPMorgan Chase. Check out your portfolio center. Please also check ongoing floating volatility patterns of Canlan Ice and JPMorgan Chase.
Diversification Opportunities for Canlan Ice and JPMorgan Chase
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Canlan and JPMorgan is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Canlan Ice Sports and JPMorgan Chase Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JPMorgan Chase and Canlan Ice 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 Canlan Ice Sports 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 Canlan Ice i.e., Canlan Ice and JPMorgan Chase go up and down completely randomly.
Pair Corralation between Canlan Ice and JPMorgan Chase
Assuming the 90 days trading horizon Canlan Ice Sports is expected to generate 2.87 times more return on investment than JPMorgan Chase. However, Canlan Ice is 2.87 times more volatile than JPMorgan Chase Co. It trades about 0.06 of its potential returns per unit of risk. JPMorgan Chase Co is currently generating about -0.02 per unit of risk. If you would invest 378.00 in Canlan Ice Sports on September 11, 2025 and sell it today you would earn a total of 34.00 from holding Canlan Ice Sports or generate 8.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Canlan Ice Sports vs. JPMorgan Chase Co
Performance |
| Timeline |
| Canlan Ice Sports |
| JPMorgan Chase |
Canlan Ice and JPMorgan Chase Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Canlan Ice and JPMorgan Chase
The main advantage of trading using opposite Canlan Ice and JPMorgan Chase positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Canlan Ice 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.| Canlan Ice vs. Westport Fuel Systems | Canlan Ice vs. Mene Inc | Canlan Ice vs. Imaflex | Canlan Ice vs. Dorel Industries |
| JPMorgan Chase vs. Dominion Lending Centres | JPMorgan Chase vs. North American Financial | JPMorgan Chase vs. Canlan Ice Sports | JPMorgan Chase vs. Laurentian Bank |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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