Compare two stocks
JPM and ADP clearly differ on 3 of 19 forces. The widest gap is market volatility: in weeks when market volatility (the VIX) rose 5 points, JPM typically moved −0.67% and ADP +1.2%.
| Economic force | JPMJPMorgan Chase | ADPAutomatic Data Processing |
|---|---|---|
| Interest ratesIn weeks when the 10-year Treasury yield rose 0.25 percentage points | +0.44%−1.0% to +1.8%Not distinguishable from zero | −0.16%−1.2% to +0.90%Not distinguishable from zero |
| Inflation expectationsIn weeks when 10-year inflation expectations rose 0.25 percentage points | +1.7%−1.0% to +4.3%Not distinguishable from zero | +0.82%−1.5% to +3.2%Not distinguishable from zero |
| U.S. dollarIn weeks when the trade-weighted U.S. dollar rose 2% | +0.73%−0.73% to +2.2%Not distinguishable from zero | +1.4%+0.29% to +2.5%Tentative |
| Oil and energyIn weeks when the price of oil rose 10% | −0.16%−0.79% to +0.48%Not distinguishable from zero | +0.04%−0.60% to +0.67%Not distinguishable from zero |
| Credit spreadsIn weeks when corporate credit spreads widened 0.25 percentage points | −0.79%−2.9% to +1.3%Not distinguishable from zero | −1.4%−3.9% to +1.1%Not distinguishable from zero |
| Short-term ratesIn weeks when the 2-year Treasury yield rose 0.25 percentage points | +0.33%−1.1% to +1.8%Not distinguishable from zero | +0.16%−1.9% to +2.2%Not distinguishable from zero |
| Market volatilityIn weeks when market volatility (the VIX) rose 5 pointsClear difference | −0.67%−1.3% to −0.01%Tentative | +1.2%+0.26% to +2.1%Tentative |
| Mortgage ratesIn weeks when the 30-year mortgage rate rose 0.25 percentage points | 0.00%−0.95% to +1.0%Not distinguishable from zero | −0.32%−1.5% to +0.82%Not distinguishable from zero |
| GoldIn weeks when the price of gold rose 5% | −0.78%−1.4% to −0.15%Tentative | −0.17%−0.84% to +0.51%Not distinguishable from zero |
| CopperIn weeks when the price of copper rose 5% | −0.17%−0.61% to +0.27%Not distinguishable from zero | −0.36%−0.88% to +0.17%Not distinguishable from zero |
| Natural gasIn weeks when the U.S. natural gas price (Henry Hub) rose 10%Clear difference | −0.05%−0.07% to −0.03%Clear | 0.00%−0.02% to +0.02%Not distinguishable from zero |
| BitcoinIn weeks when the price of bitcoin rose 10% | −0.57%−1.2% to +0.09%Not distinguishable from zero | −0.19%−1.0% to +0.58%Not distinguishable from zero |
| Small vs large companiesIn weeks when small companies beat large ones by 1 percentage point | +0.33%+0.16% to +0.51%Clear | 0.00%−0.22% to +0.22%Not distinguishable from zero |
| Value vs growthIn weeks when value stocks beat growth stocks by 1 percentage point | +0.82%+0.63% to +1.0%Clear | +0.40%+0.11% to +0.68%Tentative |
| MomentumIn weeks when recent winners beat the stock market by 1 percentage pointClear difference | +0.04%−0.20% to +0.28%Not distinguishable from zero | −0.78%−1.1% to −0.45%Clear |
| EuroIn weeks when the euro rose 2% against the U.S. dollar | +0.19%−2.0% to +2.3%Not distinguishable from zero | +1.2%−0.69% to +3.0%Not distinguishable from zero |
| Japanese yenIn weeks when the yen rose 2% against the U.S. dollar | −0.26%−0.89% to +0.37%Not distinguishable from zero | +1.3%+0.31% to +2.2%Tentative |
| Emerging marketsIn weeks when emerging-market stocks beat the S&P 500 by 1 percentage point | −0.32%−0.51% to −0.13%Tentative | −0.76%−1.0% to −0.49%Clear |
| ChinaIn weeks when Chinese stocks beat other emerging markets by 1 percentage point | +0.06%−0.07% to +0.19%Not distinguishable from zero | +0.27%+0.07% to +0.47%Tentative |
Each figure is the stock's typical move in a week when the force moved by the stated amount, after accounting for the stock market, with its 90% range beneath. Grey figures could not be told apart from zero. A row is marked a clear difference only when the two 90% ranges do not overlap.
This describes the past, and it is not a forecast. Relationships change, and nothing here is a recommendation to buy, sell or hold any security.