Correlation Between Juneyao Airlines and Cultural Investment
Specify exactly 2 symbols:
By analyzing existing cross correlation between Juneyao Airlines and Cultural Investment Holdings, you can compare the effects of market volatilities on Juneyao Airlines and Cultural Investment 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 Cultural Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Cultural Investment.
Diversification Opportunities for Juneyao Airlines and Cultural Investment
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Juneyao and Cultural is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Cultural Investment Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cultural Investment 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 Cultural Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cultural Investment has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Cultural Investment go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Cultural Investment
Assuming the 90 days trading horizon Juneyao Airlines is expected to under-perform the Cultural Investment. But the stock apears to be less risky and, when comparing its historical volatility, Juneyao Airlines is 1.78 times less risky than Cultural Investment. The stock trades about -0.01 of its potential returns per unit of risk. The Cultural Investment Holdings is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 244.00 in Cultural Investment Holdings on September 4, 2024 and sell it today you would lose (16.00) from holding Cultural Investment Holdings or give up 6.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Cultural Investment Holdings
Performance |
| Timeline |
| Juneyao Airlines |
| Cultural Investment |
Juneyao Airlines and Cultural Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Cultural Investment
The main advantage of trading using opposite Juneyao Airlines and Cultural Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Cultural Investment 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 Cultural Investment will offset losses from the drop in Cultural Investment's long position.The idea behind Juneyao Airlines and Cultural Investment Holdings pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
| Cultural Investment vs. China State Construction | Cultural Investment vs. Poly Real Estate | Cultural Investment vs. China Vanke Co | Cultural Investment vs. China Merchants Shekou |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |