Correlation Between Loctek Ergonomic and Juneyao Airlines
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By analyzing existing cross correlation between Loctek Ergonomic Technology and Juneyao Airlines, you can compare the effects of market volatilities on Loctek Ergonomic 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 Loctek Ergonomic with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and Juneyao Airlines.
Diversification Opportunities for Loctek Ergonomic and Juneyao Airlines
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Loctek and Juneyao is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and Loctek Ergonomic 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 Loctek Ergonomic Technology 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 Loctek Ergonomic i.e., Loctek Ergonomic and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and Juneyao Airlines
Assuming the 90 days trading horizon Loctek Ergonomic is expected to generate 1.39 times less return on investment than Juneyao Airlines. In addition to that, Loctek Ergonomic is 1.51 times more volatile than Juneyao Airlines. It trades about 0.05 of its total potential returns per unit of risk. Juneyao Airlines is currently generating about 0.09 per unit of volatility. If you would invest 1,362 in Juneyao Airlines on August 30, 2024 and sell it today you would earn a total of 104.00 from holding Juneyao Airlines or generate 7.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Loctek Ergonomic Technology vs. Juneyao Airlines
Performance |
| Timeline |
| Loctek Ergonomic Tec |
| Juneyao Airlines |
Loctek Ergonomic and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loctek Ergonomic and Juneyao Airlines
The main advantage of trading using opposite Loctek Ergonomic and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic 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.| Loctek Ergonomic vs. Air China Ltd | Loctek Ergonomic vs. Duzhe Publishing Media | Loctek Ergonomic vs. AVCON Information Tech | Loctek Ergonomic vs. YLZ Information Tech |
| Juneyao Airlines vs. Ming Yang Smart | Juneyao Airlines vs. 159681 | Juneyao Airlines vs. 159005 | Juneyao Airlines vs. Loctek Ergonomic 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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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