Correlation Between Jahen Household and Juneyao Airlines
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By analyzing existing cross correlation between Jahen Household Products and Juneyao Airlines, you can compare the effects of market volatilities on Jahen Household 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 Jahen Household with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jahen Household and Juneyao Airlines.
Diversification Opportunities for Jahen Household and Juneyao Airlines
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jahen and Juneyao is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Jahen Household Products and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and Jahen Household 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 Jahen Household Products 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 Jahen Household i.e., Jahen Household and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Jahen Household and Juneyao Airlines
Assuming the 90 days trading horizon Jahen Household Products is expected to generate 1.26 times more return on investment than Juneyao Airlines. However, Jahen Household is 1.26 times more volatile than Juneyao Airlines. It trades about 0.07 of its potential returns per unit of risk. Juneyao Airlines is currently generating about 0.05 per unit of risk. If you would invest 1,302 in Jahen Household Products on September 5, 2024 and sell it today you would earn a total of 332.00 from holding Jahen Household Products or generate 25.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 99.17% |
| Values | Daily Returns |
Jahen Household Products vs. Juneyao Airlines
Performance |
| Timeline |
| Jahen Household Products |
| Juneyao Airlines |
Jahen Household and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jahen Household and Juneyao Airlines
The main advantage of trading using opposite Jahen Household and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jahen Household 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.| Jahen Household vs. Guangzhou KingTeller Technology | Jahen Household vs. ButOne Information Corp | Jahen Household vs. Northking Information Technology | Jahen Household vs. Changchun UP Optotech |
| 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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