Correlation Between Juneyao Airlines and Zhejiang Daily
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By analyzing existing cross correlation between Juneyao Airlines and Zhejiang Daily Media, you can compare the effects of market volatilities on Juneyao Airlines and Zhejiang Daily 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 Zhejiang Daily. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Zhejiang Daily.
Diversification Opportunities for Juneyao Airlines and Zhejiang Daily
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Juneyao and Zhejiang is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Zhejiang Daily Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang Daily Media 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 Zhejiang Daily. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang Daily Media has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Zhejiang Daily go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Zhejiang Daily
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 0.67 times more return on investment than Zhejiang Daily. However, Juneyao Airlines is 1.49 times less risky than Zhejiang Daily. It trades about -0.17 of its potential returns per unit of risk. Zhejiang Daily Media is currently generating about -0.22 per unit of risk. If you would invest 1,419 in Juneyao Airlines on October 17, 2024 and sell it today you would lose (101.00) from holding Juneyao Airlines or give up 7.12% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Zhejiang Daily Media
Performance |
| Timeline |
| Juneyao Airlines |
| Zhejiang Daily Media |
Juneyao Airlines and Zhejiang Daily Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Zhejiang Daily
The main advantage of trading using opposite Juneyao Airlines and Zhejiang Daily positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Zhejiang Daily 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 Zhejiang Daily will offset losses from the drop in Zhejiang Daily's long position.| Juneyao Airlines vs. Digiwin Software Co | Juneyao Airlines vs. Liaoning Chengda Biotechnology | Juneyao Airlines vs. Shandong Sanyuan Biotechnology | Juneyao Airlines vs. Tianjin Ruixin Technology |
| Zhejiang Daily vs. Jiangsu Hoperun Software | Zhejiang Daily vs. Servyou Software Group | Zhejiang Daily vs. Heilongjiang Transport Development | Zhejiang Daily vs. Thunder Software Technology |
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 Valuation module to check real value of public entities based on technical and fundamental data.
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