Correlation Between Bus Online and Juneyao Airlines
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By analyzing existing cross correlation between Bus Online Co and Juneyao Airlines, you can compare the effects of market volatilities on Bus Online 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 Bus Online with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bus Online and Juneyao Airlines.
Diversification Opportunities for Bus Online and Juneyao Airlines
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Bus and Juneyao is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Bus Online Co and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and Bus Online 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 Bus Online Co 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 Bus Online i.e., Bus Online and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Bus Online and Juneyao Airlines
Assuming the 90 days trading horizon Bus Online is expected to generate 1.36 times less return on investment than Juneyao Airlines. In addition to that, Bus Online is 1.29 times more volatile than Juneyao Airlines. It trades about 0.14 of its total potential returns per unit of risk. Juneyao Airlines is currently generating about 0.25 per unit of volatility. If you would invest 1,322 in Juneyao Airlines on September 3, 2024 and sell it today you would earn a total of 125.00 from holding Juneyao Airlines or generate 9.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Bus Online Co vs. Juneyao Airlines
Performance |
| Timeline |
| Bus Online |
| Juneyao Airlines |
Bus Online and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bus Online and Juneyao Airlines
The main advantage of trading using opposite Bus Online and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bus Online 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.| Bus Online vs. Anhui Transport Consulting | Bus Online vs. Sino Platinum Metals Co | Bus Online vs. Guangdong Jingyi Metal | Bus Online vs. China Aluminum International |
| Juneyao Airlines vs. Cultural Investment Holdings | Juneyao Airlines vs. Gome Telecom Equipment | Juneyao Airlines vs. Bus Online Co | Juneyao Airlines vs. Holitech Technology Co |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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