Correlation Between Juneyao Airlines and Tianshan Aluminum
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By analyzing existing cross correlation between Juneyao Airlines and Tianshan Aluminum Group, you can compare the effects of market volatilities on Juneyao Airlines and Tianshan Aluminum 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 Tianshan Aluminum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Tianshan Aluminum.
Diversification Opportunities for Juneyao Airlines and Tianshan Aluminum
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Juneyao and Tianshan is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Tianshan Aluminum Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianshan Aluminum 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 Tianshan Aluminum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianshan Aluminum has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Tianshan Aluminum go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Tianshan Aluminum
Assuming the 90 days trading horizon Juneyao Airlines is expected to under-perform the Tianshan Aluminum. But the stock apears to be less risky and, when comparing its historical volatility, Juneyao Airlines is 1.06 times less risky than Tianshan Aluminum. The stock trades about -0.01 of its potential returns per unit of risk. The Tianshan Aluminum Group is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 797.00 in Tianshan Aluminum Group on November 2, 2024 and sell it today you would earn a total of 116.00 from holding Tianshan Aluminum Group or generate 14.55% 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. Tianshan Aluminum Group
Performance |
| Timeline |
| Juneyao Airlines |
| Tianshan Aluminum |
Juneyao Airlines and Tianshan Aluminum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Tianshan Aluminum
The main advantage of trading using opposite Juneyao Airlines and Tianshan Aluminum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Tianshan Aluminum 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 Tianshan Aluminum will offset losses from the drop in Tianshan Aluminum's long position.| Juneyao Airlines vs. Industrial and Commercial | Juneyao Airlines vs. Kweichow Moutai Co | Juneyao Airlines vs. Agricultural Bank of | Juneyao Airlines vs. China Mobile Limited |
| Tianshan Aluminum vs. Shengda Mining Co | Tianshan Aluminum vs. Changjiang Publishing Media | Tianshan Aluminum vs. Xinjiang Baodi Mining | Tianshan Aluminum vs. Pengxin International Mining |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
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