Correlation Between Tianjin Ruixin and Juneyao Airlines
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By analyzing existing cross correlation between Tianjin Ruixin Technology and Juneyao Airlines, you can compare the effects of market volatilities on Tianjin Ruixin 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 Tianjin Ruixin with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tianjin Ruixin and Juneyao Airlines.
Diversification Opportunities for Tianjin Ruixin and Juneyao Airlines
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Tianjin and Juneyao is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding Tianjin Ruixin Technology and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and Tianjin Ruixin 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 Tianjin Ruixin 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 Tianjin Ruixin i.e., Tianjin Ruixin and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Tianjin Ruixin and Juneyao Airlines
Assuming the 90 days trading horizon Tianjin Ruixin Technology is expected to under-perform the Juneyao Airlines. In addition to that, Tianjin Ruixin is 2.37 times more volatile than Juneyao Airlines. It trades about -0.24 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 | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tianjin Ruixin Technology vs. Juneyao Airlines
Performance |
| Timeline |
| Tianjin Ruixin Technology |
| Juneyao Airlines |
Tianjin Ruixin and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tianjin Ruixin and Juneyao Airlines
The main advantage of trading using opposite Tianjin Ruixin and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tianjin Ruixin 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.| Tianjin Ruixin vs. Shenzhen Glory Medical | Tianjin Ruixin vs. Qingdao Haier Biomedical | Tianjin Ruixin vs. Allwin Telecommunication Co | Tianjin Ruixin vs. Tongyu Communication |
| 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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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