Correlation Between Ye Chiu and Juneyao Airlines
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ye Chiu Metal and Juneyao Airlines, you can compare the effects of market volatilities on Ye Chiu 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 Ye Chiu with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ye Chiu and Juneyao Airlines.
Diversification Opportunities for Ye Chiu and Juneyao Airlines
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between 601388 and Juneyao is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Ye Chiu Metal and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and Ye Chiu 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 Ye Chiu Metal 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 Ye Chiu i.e., Ye Chiu and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Ye Chiu and Juneyao Airlines
Assuming the 90 days trading horizon Ye Chiu Metal is expected to generate 1.01 times more return on investment than Juneyao Airlines. However, Ye Chiu is 1.01 times more volatile than Juneyao Airlines. It trades about 0.1 of its potential returns per unit of risk. Juneyao Airlines is currently generating about 0.09 per unit of risk. If you would invest 226.00 in Ye Chiu Metal on September 14, 2024 and sell it today you would earn a total of 73.00 from holding Ye Chiu Metal or generate 32.3% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ye Chiu Metal vs. Juneyao Airlines
Performance |
| Timeline |
| Ye Chiu Metal |
| Juneyao Airlines |
Ye Chiu and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ye Chiu and Juneyao Airlines
The main advantage of trading using opposite Ye Chiu and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ye Chiu 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.| Ye Chiu vs. Zijin Mining Group | Ye Chiu vs. Wanhua Chemical Group | Ye Chiu vs. Baoshan Iron Steel | Ye Chiu vs. Shandong Gold Mining |
| Juneyao Airlines vs. China State Construction | Juneyao Airlines vs. Poly Real Estate | Juneyao Airlines vs. China Vanke Co | Juneyao Airlines vs. China Merchants Shekou |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Stocks Directory Find actively traded stocks across global markets | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |