Correlation Between Chengdu Spaceon and Juneyao Airlines
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By analyzing existing cross correlation between Chengdu Spaceon Electronics and Juneyao Airlines, you can compare the effects of market volatilities on Chengdu Spaceon 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 Chengdu Spaceon with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chengdu Spaceon and Juneyao Airlines.
Diversification Opportunities for Chengdu Spaceon and Juneyao Airlines
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Chengdu and Juneyao is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Chengdu Spaceon Electronics and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and Chengdu Spaceon 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 Chengdu Spaceon Electronics 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 Chengdu Spaceon i.e., Chengdu Spaceon and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Chengdu Spaceon and Juneyao Airlines
Assuming the 90 days trading horizon Chengdu Spaceon Electronics is expected to under-perform the Juneyao Airlines. In addition to that, Chengdu Spaceon is 1.21 times more volatile than Juneyao Airlines. It trades about -0.21 of its total potential returns per unit of risk. Juneyao Airlines is currently generating about -0.17 per unit of volatility. If you would invest 1,419 in Juneyao Airlines on October 17, 2024 and sell it today you would lose (101.00) from holding Juneyao Airlines or give up 7.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chengdu Spaceon Electronics vs. Juneyao Airlines
Performance |
| Timeline |
| Chengdu Spaceon Elec |
| Juneyao Airlines |
Chengdu Spaceon and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chengdu Spaceon and Juneyao Airlines
The main advantage of trading using opposite Chengdu Spaceon and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chengdu Spaceon 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.| Chengdu Spaceon vs. Anhui Shiny Electronic | Chengdu Spaceon vs. Anhui Jianghuai Automobile | Chengdu Spaceon vs. Ningbo Fangzheng Automobile | Chengdu Spaceon vs. Xinya Electronic Co |
| Juneyao Airlines vs. Digiwin Software Co | Juneyao Airlines vs. Liaoning Chengda Biotechnology | Juneyao Airlines vs. Shandong Sanyuan Biotechnology | Juneyao Airlines vs. Tianjin Ruixin Technology |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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