Correlation Between Juneyao Airlines and Tianjin Realty
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By analyzing existing cross correlation between Juneyao Airlines and Tianjin Realty Development, you can compare the effects of market volatilities on Juneyao Airlines and Tianjin Realty 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 Tianjin Realty. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Tianjin Realty.
Diversification Opportunities for Juneyao Airlines and Tianjin Realty
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Juneyao and Tianjin is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Tianjin Realty Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Realty Devel 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 Tianjin Realty. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Realty Devel has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Tianjin Realty go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Tianjin Realty
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 2.48 times less return on investment than Tianjin Realty. But when comparing it to its historical volatility, Juneyao Airlines is 1.74 times less risky than Tianjin Realty. It trades about 0.02 of its potential returns per unit of risk. Tianjin Realty Development is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 252.00 in Tianjin Realty Development on September 14, 2024 and sell it today you would earn a total of 43.00 from holding Tianjin Realty Development or generate 17.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 99.62% |
| Values | Daily Returns |
Juneyao Airlines vs. Tianjin Realty Development
Performance |
| Timeline |
| Juneyao Airlines |
| Tianjin Realty Devel |
Juneyao Airlines and Tianjin Realty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Tianjin Realty
The main advantage of trading using opposite Juneyao Airlines and Tianjin Realty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Tianjin Realty 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 Tianjin Realty will offset losses from the drop in Tianjin Realty'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 |
| Tianjin Realty vs. Zhejiang Xiantong RubberPlastic | Tianjin Realty vs. Spring Airlines Co | Tianjin Realty vs. Jiangsu Yanghe Brewery | Tianjin Realty vs. Juneyao Airlines |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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