Correlation Between Juneyao Airlines and Heren Health
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By analyzing existing cross correlation between Juneyao Airlines and Heren Health Co, you can compare the effects of market volatilities on Juneyao Airlines and Heren Health 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 Heren Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Heren Health.
Diversification Opportunities for Juneyao Airlines and Heren Health
0.74 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Juneyao and Heren is 0.74. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Heren Health Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heren Health 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 Heren Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heren Health has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Heren Health go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Heren Health
Assuming the 90 days trading horizon Juneyao Airlines is expected to under-perform the Heren Health. But the stock apears to be less risky and, when comparing its historical volatility, Juneyao Airlines is 1.17 times less risky than Heren Health. The stock trades about -0.06 of its potential returns per unit of risk. The Heren Health Co is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 1,417 in Heren Health Co on September 29, 2024 and sell it today you would earn a total of 115.00 from holding Heren Health Co or generate 8.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Heren Health Co
Performance |
| Timeline |
| Juneyao Airlines |
| Heren Health |
Juneyao Airlines and Heren Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Heren Health
The main advantage of trading using opposite Juneyao Airlines and Heren Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Heren Health 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 Heren Health will offset losses from the drop in Heren Health's long position.| Juneyao Airlines vs. Industrial and Commercial | Juneyao Airlines vs. Agricultural Bank of | Juneyao Airlines vs. China Construction Bank | Juneyao Airlines vs. Bank of China |
| Heren Health vs. Western Mining Co | Heren Health vs. Winner Medical Co | Heren Health vs. Shenzhen Silver Basis | Heren Health vs. Chengtun Mining Group |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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