Correlation Between YLZ Information and Juneyao Airlines
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By analyzing existing cross correlation between YLZ Information Tech and Juneyao Airlines, you can compare the effects of market volatilities on YLZ Information 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 YLZ Information with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of YLZ Information and Juneyao Airlines.
Diversification Opportunities for YLZ Information and Juneyao Airlines
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between YLZ and Juneyao is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding YLZ Information Tech and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and YLZ Information 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 YLZ Information Tech 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 YLZ Information i.e., YLZ Information and Juneyao Airlines go up and down completely randomly.
Pair Corralation between YLZ Information and Juneyao Airlines
Assuming the 90 days trading horizon YLZ Information Tech is expected to generate 1.27 times more return on investment than Juneyao Airlines. However, YLZ Information is 1.27 times more volatile than Juneyao Airlines. It trades about 0.19 of its potential returns per unit of risk. Juneyao Airlines is currently generating about 0.1 per unit of risk. If you would invest 331.00 in YLZ Information Tech on September 5, 2024 and sell it today you would earn a total of 35.00 from holding YLZ Information Tech or generate 10.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
YLZ Information Tech vs. Juneyao Airlines
Performance |
| Timeline |
| YLZ Information Tech |
| Juneyao Airlines |
YLZ Information and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YLZ Information and Juneyao Airlines
The main advantage of trading using opposite YLZ Information and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YLZ Information 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.| YLZ Information vs. BYD Co Ltd | YLZ Information vs. China Mobile Limited | YLZ Information vs. Agricultural Bank of | YLZ Information vs. Industrial and Commercial |
| Juneyao Airlines vs. Agricultural Bank of | Juneyao Airlines vs. Industrial and Commercial | Juneyao Airlines vs. Bank of China | Juneyao Airlines vs. China Construction Bank |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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