Correlation Between Juneyao Airlines and Focus Media
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By analyzing existing cross correlation between Juneyao Airlines and Focus Media Information, you can compare the effects of market volatilities on Juneyao Airlines and Focus Media 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 Focus Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Focus Media.
Diversification Opportunities for Juneyao Airlines and Focus Media
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Juneyao and Focus is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Focus Media Information in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Focus Media Information 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 Focus Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Focus Media Information has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Focus Media go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Focus Media
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 1.36 times more return on investment than Focus Media. However, Juneyao Airlines is 1.36 times more volatile than Focus Media Information. It trades about 0.25 of its potential returns per unit of risk. Focus Media Information is currently generating about -0.14 per unit of risk. If you would invest 1,350 in Juneyao Airlines on September 12, 2024 and sell it today you would earn a total of 151.00 from holding Juneyao Airlines or generate 11.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Focus Media Information
Performance |
| Timeline |
| Juneyao Airlines |
| Focus Media Information |
Juneyao Airlines and Focus Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Focus Media
The main advantage of trading using opposite Juneyao Airlines and Focus Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Focus Media 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 Focus Media will offset losses from the drop in Focus Media's long position.| Juneyao Airlines vs. Agricultural Bank of | Juneyao Airlines vs. Industrial and Commercial | Juneyao Airlines vs. Bank of China | Juneyao Airlines vs. PetroChina Co Ltd |
| Focus Media vs. Gansu Jiu Steel | Focus Media vs. Shandong Mining Machinery | Focus Media vs. Aba Chemicals Corp | Focus Media vs. BlueFocus Communication Group |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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