Correlation Between China Securities and Juneyao Airlines
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By analyzing existing cross correlation between China Securities 800 and Juneyao Airlines, you can compare the effects of market volatilities on China Securities and Juneyao Airlines 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 China Securities with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Securities and Juneyao Airlines.
Diversification Opportunities for China Securities and Juneyao Airlines
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between China and Juneyao is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding China Securities 800 and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and China Securities 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 China Securities 800 are associated (or correlated) with Juneyao Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juneyao Airlines has no effect on the direction of China Securities i.e., China Securities and Juneyao Airlines go up and down completely randomly.
Pair Corralation between China Securities and Juneyao Airlines
Assuming the 90 days trading horizon China Securities 800 is expected to under-perform the Juneyao Airlines. But the index apears to be less risky and, when comparing its historical volatility, China Securities 800 is 1.04 times less risky than Juneyao Airlines. The index trades about -0.04 of its potential returns per unit of risk. The Juneyao Airlines is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,362 in Juneyao Airlines on August 29, 2024 and sell it today you would earn a total of 55.00 from holding Juneyao Airlines or generate 4.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Securities 800 vs. Juneyao Airlines
Performance |
| Timeline |
China Securities and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
China Securities 800
Pair trading matchups for China Securities
Juneyao Airlines
Pair trading matchups for Juneyao Airlines
Pair Trading with China Securities and Juneyao Airlines
The main advantage of trading using opposite China Securities and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Securities position performs unexpectedly, Juneyao Airlines 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 Juneyao Airlines will offset losses from the drop in Juneyao Airlines' long position.| China Securities vs. Tibet Huayu Mining | China Securities vs. Keeson Technology Corp | China Securities vs. OBiO Technology Corp | China Securities vs. ROPEOK Technology Group |
| Juneyao Airlines vs. PetroChina Co Ltd | Juneyao Airlines vs. China State Construction | Juneyao Airlines vs. China Mobile Limited | Juneyao Airlines vs. Industrial and Commercial |
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 Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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