Correlation Between Juneyao Airlines and Jiajia Food
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By analyzing existing cross correlation between Juneyao Airlines and Jiajia Food Group, you can compare the effects of market volatilities on Juneyao Airlines and Jiajia Food 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 Jiajia Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Jiajia Food.
Diversification Opportunities for Juneyao Airlines and Jiajia Food
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Juneyao and Jiajia is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Jiajia Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiajia Food Group 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 Jiajia Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiajia Food Group has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Jiajia Food go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Jiajia Food
Assuming the 90 days trading horizon Juneyao Airlines is expected to under-perform the Jiajia Food. But the stock apears to be less risky and, when comparing its historical volatility, Juneyao Airlines is 1.72 times less risky than Jiajia Food. The stock trades about -0.4 of its potential returns per unit of risk. The Jiajia Food Group is currently generating about -0.04 of returns per unit of risk over similar time horizon. If you would invest 472.00 in Jiajia Food Group on October 12, 2024 and sell it today you would lose (20.00) from holding Jiajia Food Group or give up 4.24% 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. Jiajia Food Group
Performance |
| Timeline |
| Juneyao Airlines |
| Jiajia Food Group |
Juneyao Airlines and Jiajia Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Jiajia Food
The main advantage of trading using opposite Juneyao Airlines and Jiajia Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Jiajia Food 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 Jiajia Food will offset losses from the drop in Jiajia Food's long position.| Juneyao Airlines vs. XinJiang GuoTong Pipeline | Juneyao Airlines vs. Zhongshan Public Utilities | Juneyao Airlines vs. Tieling Newcity Investment | Juneyao Airlines vs. Zhejiang Construction Investment |
| Jiajia Food vs. Suzhou Weizhixiang Food | Jiajia Food vs. V V Food | Jiajia Food vs. Shanghai Ziyan Foods | Jiajia Food vs. Juneyao Airlines |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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