Correlation Between Juneyao Airlines and Elite Color
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By analyzing existing cross correlation between Juneyao Airlines and Elite Color Environmental, you can compare the effects of market volatilities on Juneyao Airlines and Elite Color 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 Elite Color. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Elite Color.
Diversification Opportunities for Juneyao Airlines and Elite Color
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Juneyao and Elite is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Elite Color Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Elite Color Environmental 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 Elite Color. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Elite Color Environmental has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Elite Color go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Elite Color
Assuming the 90 days trading horizon Juneyao Airlines is expected to under-perform the Elite Color. But the stock apears to be less risky and, when comparing its historical volatility, Juneyao Airlines is 1.06 times less risky than Elite Color. The stock trades about 0.0 of its potential returns per unit of risk. The Elite Color Environmental is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 732.00 in Elite Color Environmental on September 3, 2024 and sell it today you would lose (57.00) from holding Elite Color Environmental or give up 7.79% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Elite Color Environmental
Performance |
| Timeline |
| Juneyao Airlines |
| Elite Color Environmental |
Juneyao Airlines and Elite Color Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Elite Color
The main advantage of trading using opposite Juneyao Airlines and Elite Color positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Elite Color 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 Elite Color will offset losses from the drop in Elite Color's long position.| Juneyao Airlines vs. Cultural Investment Holdings | Juneyao Airlines vs. Gome Telecom Equipment | Juneyao Airlines vs. Bus Online Co | Juneyao Airlines vs. Holitech Technology Co |
| Elite Color vs. Zijin Mining Group | Elite Color vs. Baoshan Iron Steel | Elite Color vs. Rongsheng Petrochemical Co | Elite Color vs. Hoshine Silicon Ind |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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