Correlation Between Juneyao Airlines and Eit Environmental
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By analyzing existing cross correlation between Juneyao Airlines and Eit Environmental Development, you can compare the effects of market volatilities on Juneyao Airlines and Eit Environmental 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 Eit Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Eit Environmental.
Diversification Opportunities for Juneyao Airlines and Eit Environmental
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Juneyao and Eit is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Eit Environmental Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eit 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 Eit Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eit Environmental has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Eit Environmental go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Eit Environmental
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 0.86 times more return on investment than Eit Environmental. However, Juneyao Airlines is 1.16 times less risky than Eit Environmental. It trades about 0.35 of its potential returns per unit of risk. Eit Environmental Development is currently generating about -0.08 per unit of risk. If you would invest 1,317 in Juneyao Airlines on September 14, 2024 and sell it today you would earn a total of 211.00 from holding Juneyao Airlines or generate 16.02% 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. Eit Environmental Development
Performance |
| Timeline |
| Juneyao Airlines |
| Eit Environmental |
Juneyao Airlines and Eit Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Eit Environmental
The main advantage of trading using opposite Juneyao Airlines and Eit Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Eit Environmental 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 Eit Environmental will offset losses from the drop in Eit Environmental's long position.| Juneyao Airlines vs. China State Construction | Juneyao Airlines vs. Poly Real Estate | Juneyao Airlines vs. China Vanke Co | Juneyao Airlines vs. China Merchants Shekou |
| Eit Environmental vs. Everjoy Health Group | Eit Environmental vs. Juneyao Airlines | Eit Environmental vs. Anhui Huaren Health | Eit Environmental vs. Shanghai Rongtai Health |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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