Correlation Between Juneyao Airlines and Beijing Kaiwen
Specify exactly 2 symbols:
By analyzing existing cross correlation between Juneyao Airlines and Beijing Kaiwen Education, you can compare the effects of market volatilities on Juneyao Airlines and Beijing Kaiwen 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 Beijing Kaiwen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Beijing Kaiwen.
Diversification Opportunities for Juneyao Airlines and Beijing Kaiwen
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Juneyao and Beijing is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Beijing Kaiwen Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Kaiwen Education 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 Beijing Kaiwen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Kaiwen Education has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Beijing Kaiwen go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Beijing Kaiwen
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 0.53 times more return on investment than Beijing Kaiwen. However, Juneyao Airlines is 1.89 times less risky than Beijing Kaiwen. It trades about 0.09 of its potential returns per unit of risk. Beijing Kaiwen Education is currently generating about 0.03 per unit of risk. If you would invest 1,362 in Juneyao Airlines on August 30, 2024 and sell it today you would earn a total of 104.00 from holding Juneyao Airlines or generate 7.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Beijing Kaiwen Education
Performance |
| Timeline |
| Juneyao Airlines |
| Beijing Kaiwen Education |
Juneyao Airlines and Beijing Kaiwen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Beijing Kaiwen
The main advantage of trading using opposite Juneyao Airlines and Beijing Kaiwen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Beijing Kaiwen 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 Beijing Kaiwen will offset losses from the drop in Beijing Kaiwen's long position.| Juneyao Airlines vs. Ming Yang Smart | Juneyao Airlines vs. 159681 | Juneyao Airlines vs. 159005 | Juneyao Airlines vs. Loctek Ergonomic Technology |
| Beijing Kaiwen vs. Biwin Storage Technology | Beijing Kaiwen vs. PetroChina Co Ltd | Beijing Kaiwen vs. Industrial and Commercial | Beijing Kaiwen vs. China Construction Bank |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |