Correlation Between Juneyao Airlines and Kangyue Technology
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By analyzing existing cross correlation between Juneyao Airlines and Kangyue Technology Co, you can compare the effects of market volatilities on Juneyao Airlines and Kangyue Technology 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 Kangyue Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Kangyue Technology.
Diversification Opportunities for Juneyao Airlines and Kangyue Technology
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Juneyao and Kangyue is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Kangyue Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kangyue Technology 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 Kangyue Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kangyue Technology has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Kangyue Technology go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Kangyue Technology
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 0.5 times more return on investment than Kangyue Technology. However, Juneyao Airlines is 2.02 times less risky than Kangyue Technology. It trades about -0.16 of its potential returns per unit of risk. Kangyue Technology Co is currently generating about -0.15 per unit of risk. If you would invest 1,445 in Juneyao Airlines on October 25, 2024 and sell it today you would lose (95.00) from holding Juneyao Airlines or give up 6.57% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Kangyue Technology Co
Performance |
| Timeline |
| Juneyao Airlines |
| Kangyue Technology |
Juneyao Airlines and Kangyue Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Kangyue Technology
The main advantage of trading using opposite Juneyao Airlines and Kangyue Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Kangyue Technology 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 Kangyue Technology will offset losses from the drop in Kangyue Technology's long position.| Juneyao Airlines vs. Kweichow Moutai Co | Juneyao Airlines vs. Contemporary Amperex Technology | Juneyao Airlines vs. Beijing Roborock Technology | Juneyao Airlines vs. BYD Co Ltd |
| Kangyue Technology vs. Sharetronic Data Technology | Kangyue Technology vs. Shannon Semiconductor Technology | Kangyue Technology vs. CGN Nuclear Technology | Kangyue Technology vs. HanS Laser Tech |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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