Correlation Between Juneyao Airlines and Fujian Newland
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By analyzing existing cross correlation between Juneyao Airlines and Fujian Newland Computer, you can compare the effects of market volatilities on Juneyao Airlines and Fujian Newland 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 Juneyao Airlines with a short position of Fujian Newland. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Fujian Newland.
Diversification Opportunities for Juneyao Airlines and Fujian Newland
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Juneyao and Fujian is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Fujian Newland Computer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Newland Computer and Juneyao Airlines 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 Juneyao Airlines are associated (or correlated) with Fujian Newland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Newland Computer has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Fujian Newland go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Fujian Newland
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 4.52 times less return on investment than Fujian Newland. But when comparing it to its historical volatility, Juneyao Airlines is 1.89 times less risky than Fujian Newland. It trades about 0.08 of its potential returns per unit of risk. Fujian Newland Computer is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 2,012 in Fujian Newland Computer on December 1, 2024 and sell it today you would earn a total of 254.00 from holding Fujian Newland Computer or generate 12.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Fujian Newland Computer
Performance |
| Timeline |
| Juneyao Airlines |
| Fujian Newland Computer |
Juneyao Airlines and Fujian Newland Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Fujian Newland
The main advantage of trading using opposite Juneyao Airlines and Fujian Newland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Fujian Newland 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 Fujian Newland will offset losses from the drop in Fujian Newland's long position.| Juneyao Airlines vs. Lootom Telcovideo Network | Juneyao Airlines vs. Longxing Chemical Stock | Juneyao Airlines vs. Jinhui Mining Co | Juneyao Airlines vs. Daoming OpticsChemical Co |
| Fujian Newland vs. Heilongjiang Publishing Media | Fujian Newland vs. Ningbo Jintian Copper | Fujian Newland vs. Tangel Publishing | Fujian Newland vs. Jiangsu Phoenix Publishing |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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