JPMorgan (JPM) vs Walmart (WMT)
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
JPM versus WMT is a bank-versus-defensive-retail rotation. JPM outperformance signals risk-on and curve steepening. WMT outperformance signals consumer defensiveness and trade-down behavior. Both are large-cap mega-companies, so the ratio captures style rotation without size effects.
Cross-Asset Analysis
Before getting to the spread, note what each leg actually represents: JPMorgan (JPM) is JPMorgan Chase, largest US bank, financial sector bellwether, and Walmart (WMT) is walmart Inc., consumer staples bellwether, defensive play. The JPMorgan (JPM)-Walmart (WMT) spread captures the tilt between two variants of the same asset: one may be more defensive, one more cyclical. Sector, style, and geographic dominance cycles each produce multi-year relative performance episodes between JPMorgan (JPM) and Walmart (WMT).
Interest rate cycles drive JPMorgan (JPM) versus Walmart (WMT) relative performance through discount-rate sensitivity, with longer-duration exposures suffering more when rates rise. Idiosyncratic events in a concentrated peer, such as a single mega-cap earnings miss inside JPMorgan (JPM), can move the JPMorgan (JPM)-Walmart (WMT) spread without broader factor signal. Corporate action events, including buybacks or spin-offs affecting constituents of JPMorgan (JPM) or Walmart (WMT), can distort the spread relative to its intended factor tilt.
JPMorgan (JPM) and Walmart (WMT) occupy the same asset class, and the relative performance between them isolates the specific factor that distinguishes one from the other. Liquidity differences between JPMorgan (JPM) and Walmart (WMT) produce asymmetric spread moves during risk-off episodes.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between JPMorgan (JPM) and Walmart (WMT)?+
JPMorgan (JPM) and Walmart (WMT) are connected through shared asset class exposure with different factor tilts. When the underlying asset class shifts, both respond, though with different sensitivities and at different speeds. The spread between JPMorgan (JPM) and Walmart (WMT) captures the specific macro signal that flows through this relationship.
When does JPMorgan (JPM) typically lead Walmart (WMT)?+
JPMorgan (JPM) tends to lead Walmart (WMT) during rotation episodes between the two factor exposures. In those periods, moves in JPMorgan (JPM) precede corresponding moves in Walmart (WMT) by days to weeks, depending on the transmission channel and the depth of each market.
How are JPMorgan (JPM) and Walmart (WMT) historically correlated?+
Long-run correlation between JPMorgan (JPM) and Walmart (WMT) varies by regime. Peers in the same asset class are highly correlated in direction, with the spread reflecting factor tilts and rotation dynamics. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the JPMorgan (JPM)-Walmart (WMT) relationship.
What macro conditions drive divergence between JPMorgan (JPM) and Walmart (WMT)?+
Divergence between JPMorgan (JPM) and Walmart (WMT) typically arises from index reconstitution, mega-cap earnings surprises, or liquidity differences between the peers. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in JPMorgan (JPM) or Walmart (WMT).
Is JPMorgan (JPM) a hedge for Walmart (WMT)?+
Peers like JPMorgan (JPM) and Walmart (WMT) do not hedge each other; both rise or fall with the shared asset class, and using the pair as a spread trade is different from using it as a hedge. Effective hedging requires matching the hedge to the specific risk being protected, and the JPMorgan (JPM)-Walmart (WMT) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.