Correlation Between Elite Color and Juneyao Airlines
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By analyzing existing cross correlation between Elite Color Environmental and Juneyao Airlines, you can compare the effects of market volatilities on Elite Color 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 Elite Color with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elite Color and Juneyao Airlines.
Diversification Opportunities for Elite Color and Juneyao Airlines
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Elite and Juneyao is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Elite Color Environmental and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and Elite Color 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 Elite Color Environmental 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 Elite Color i.e., Elite Color and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Elite Color and Juneyao Airlines
Assuming the 90 days trading horizon Elite Color is expected to generate 2.36 times less return on investment than Juneyao Airlines. But when comparing it to its historical volatility, Elite Color Environmental is 1.68 times less risky than Juneyao Airlines. It trades about 0.05 of its potential returns per unit of risk. Juneyao Airlines is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,277 in Juneyao Airlines on December 1, 2024 and sell it today you would earn a total of 33.00 from holding Juneyao Airlines or generate 2.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Elite Color Environmental vs. Juneyao Airlines
Performance |
| Timeline |
| Elite Color Environmental |
| Juneyao Airlines |
Elite Color and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Elite Color and Juneyao Airlines
The main advantage of trading using opposite Elite Color and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Elite Color 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.| Elite Color vs. Dongfeng Automobile Co | Elite Color vs. Zotye Automobile Co | Elite Color vs. Goldlok Toys Holdings | Elite Color vs. Shenzhen Zqgame |
| Juneyao Airlines vs. Lootom Telcovideo Network | Juneyao Airlines vs. Longxing Chemical Stock | Juneyao Airlines vs. Jinhui Mining Co | Juneyao Airlines vs. Daoming OpticsChemical 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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