Correlation Between Juneyao Airlines and Zhejiang JIULI
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By analyzing existing cross correlation between Juneyao Airlines and Zhejiang JIULI Hi tech, you can compare the effects of market volatilities on Juneyao Airlines and Zhejiang JIULI 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 Zhejiang JIULI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Zhejiang JIULI.
Diversification Opportunities for Juneyao Airlines and Zhejiang JIULI
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Juneyao and Zhejiang is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Zhejiang JIULI Hi tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang JIULI Hi 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 Zhejiang JIULI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang JIULI Hi has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Zhejiang JIULI go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Zhejiang JIULI
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 1.88 times more return on investment than Zhejiang JIULI. However, Juneyao Airlines is 1.88 times more volatile than Zhejiang JIULI Hi tech. It trades about 0.08 of its potential returns per unit of risk. Zhejiang JIULI Hi tech is currently generating about -0.33 per unit of risk. If you would invest 1,277 in Juneyao Airlines on December 1, 2024 and sell it today you would earn a total of 33.00 from holding Juneyao Airlines or generate 2.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Zhejiang JIULI Hi tech
Performance |
| Timeline |
| Juneyao Airlines |
| Zhejiang JIULI Hi |
Juneyao Airlines and Zhejiang JIULI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Zhejiang JIULI
The main advantage of trading using opposite Juneyao Airlines and Zhejiang JIULI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Zhejiang JIULI 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 Zhejiang JIULI will offset losses from the drop in Zhejiang JIULI'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 |
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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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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