Correlation Between Juneyao Airlines and Guangdong Jingyi
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By analyzing existing cross correlation between Juneyao Airlines and Guangdong Jingyi Metal, you can compare the effects of market volatilities on Juneyao Airlines and Guangdong Jingyi 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 Guangdong Jingyi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Guangdong Jingyi.
Diversification Opportunities for Juneyao Airlines and Guangdong Jingyi
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Juneyao and Guangdong is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Guangdong Jingyi Metal in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Jingyi Metal 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 Guangdong Jingyi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Jingyi Metal has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Guangdong Jingyi go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Guangdong Jingyi
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 0.63 times more return on investment than Guangdong Jingyi. However, Juneyao Airlines is 1.59 times less risky than Guangdong Jingyi. It trades about -0.35 of its potential returns per unit of risk. Guangdong Jingyi Metal is currently generating about -0.23 per unit of risk. If you would invest 1,501 in Juneyao Airlines on October 11, 2024 and sell it today you would lose (218.00) from holding Juneyao Airlines or give up 14.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Guangdong Jingyi Metal
Performance |
| Timeline |
| Juneyao Airlines |
| Guangdong Jingyi Metal |
Juneyao Airlines and Guangdong Jingyi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Guangdong Jingyi
The main advantage of trading using opposite Juneyao Airlines and Guangdong Jingyi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Guangdong Jingyi 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 Guangdong Jingyi will offset losses from the drop in Guangdong Jingyi's long position.| Juneyao Airlines vs. Zhejiang Kingland Pipeline | Juneyao Airlines vs. Zhengping RoadBridge Constr | Juneyao Airlines vs. Montage Technology Co | Juneyao Airlines vs. Holitech Technology Co |
| Guangdong Jingyi vs. Heren Health Co | Guangdong Jingyi vs. Jiugui Liquor Co | Guangdong Jingyi vs. Hangzhou Minsheng Healthcare | Guangdong Jingyi vs. Shandong Sinoglory Health |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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