Correlation Between Juneyao Airlines and Jiangxi Hengda
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By analyzing existing cross correlation between Juneyao Airlines and Jiangxi Hengda Hi Tech, you can compare the effects of market volatilities on Juneyao Airlines and Jiangxi Hengda 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 Jiangxi Hengda. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Jiangxi Hengda.
Diversification Opportunities for Juneyao Airlines and Jiangxi Hengda
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Juneyao and Jiangxi is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Jiangxi Hengda Hi Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi Hengda 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 Jiangxi Hengda. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi Hengda Hi has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Jiangxi Hengda go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Jiangxi Hengda
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 0.34 times more return on investment than Jiangxi Hengda. However, Juneyao Airlines is 2.98 times less risky than Jiangxi Hengda. It trades about -0.37 of its potential returns per unit of risk. Jiangxi Hengda Hi Tech is currently generating about -0.34 per unit of risk. If you would invest 1,419 in Juneyao Airlines on October 15, 2024 and sell it today you would lose (157.00) from holding Juneyao Airlines or give up 11.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Jiangxi Hengda Hi Tech
Performance |
| Timeline |
| Juneyao Airlines |
| Jiangxi Hengda Hi |
Juneyao Airlines and Jiangxi Hengda Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Jiangxi Hengda
The main advantage of trading using opposite Juneyao Airlines and Jiangxi Hengda positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Jiangxi Hengda 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 Jiangxi Hengda will offset losses from the drop in Jiangxi Hengda's long position.| Juneyao Airlines vs. Zhengzhou Qianweiyangchu Food | Juneyao Airlines vs. V V Food | Juneyao Airlines vs. Jiajia Food Group | Juneyao Airlines vs. Ningbo MedicalSystem Biotechnology |
| Jiangxi Hengda vs. Spring Airlines Co | Jiangxi Hengda vs. Juneyao Airlines | Jiangxi Hengda vs. Youyou Foods Co | Jiangxi Hengda vs. Guilin Seamild Foods |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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