Correlation Between Andon Health and Juneyao Airlines
Specify exactly 2 symbols:
By analyzing existing cross correlation between Andon Health Co and Juneyao Airlines, you can compare the effects of market volatilities on Andon Health 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 Andon Health with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Andon Health and Juneyao Airlines.
Diversification Opportunities for Andon Health and Juneyao Airlines
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Andon and Juneyao is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Andon Health Co and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and Andon Health 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 Andon Health 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 Andon Health i.e., Andon Health and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Andon Health and Juneyao Airlines
Assuming the 90 days trading horizon Andon Health Co is expected to generate 0.42 times more return on investment than Juneyao Airlines. However, Andon Health Co is 2.41 times less risky than Juneyao Airlines. It trades about -0.08 of its potential returns per unit of risk. Juneyao Airlines is currently generating about -0.06 per unit of risk. If you would invest 4,290 in Andon Health Co on September 29, 2024 and sell it today you would lose (80.00) from holding Andon Health Co or give up 1.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Andon Health Co vs. Juneyao Airlines
Performance |
| Timeline |
| Andon Health |
| Juneyao Airlines |
Andon Health and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Andon Health and Juneyao Airlines
The main advantage of trading using opposite Andon Health and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Andon Health 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.| Andon Health vs. New China Life | Andon Health vs. Ming Yang Smart | Andon Health vs. 159681 | Andon Health vs. 159005 |
| Juneyao Airlines vs. Industrial and Commercial | Juneyao Airlines vs. Agricultural Bank of | Juneyao Airlines vs. China Construction Bank | Juneyao Airlines vs. Bank of China |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |