Correlation Between V V and Juneyao Airlines
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By analyzing existing cross correlation between V V Food and Juneyao Airlines, you can compare the effects of market volatilities on V V 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 V V with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of V V and Juneyao Airlines.
Diversification Opportunities for V V and Juneyao Airlines
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between 600300 and Juneyao is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding V V Food and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and V V 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 V V Food 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 V V i.e., V V and Juneyao Airlines go up and down completely randomly.
Pair Corralation between V V and Juneyao Airlines
Assuming the 90 days trading horizon V V Food is expected to under-perform the Juneyao Airlines. In addition to that, V V is 1.95 times more volatile than Juneyao Airlines. It trades about -0.47 of its total potential returns per unit of risk. Juneyao Airlines is currently generating about -0.37 per unit of volatility. If you would invest 1,419 in Juneyao Airlines on October 15, 2024 and sell it today you would lose (157.00) from holding Juneyao Airlines or give up 11.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
V V Food vs. Juneyao Airlines
Performance |
| Timeline |
| V V Food |
| Juneyao Airlines |
V V and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with V V and Juneyao Airlines
The main advantage of trading using opposite V V and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if V V 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.| V V vs. Elite Color Environmental | V V vs. Orinko Advanced Plastics | V V vs. China Building Material | V V vs. Shenzhen MYS Environmental |
| Juneyao Airlines vs. Fuda Alloy Materials | Juneyao Airlines vs. Chenzhou Jingui Silver | Juneyao Airlines vs. Suzhou Xingye Material | Juneyao Airlines vs. Uroica Mining Safety |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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