Correlation Between Juneyao Airlines and Epoxy Base
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By analyzing existing cross correlation between Juneyao Airlines and Epoxy Base Electronic, you can compare the effects of market volatilities on Juneyao Airlines and Epoxy Base 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 Epoxy Base. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Epoxy Base.
Diversification Opportunities for Juneyao Airlines and Epoxy Base
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Juneyao and Epoxy is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Epoxy Base Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Epoxy Base Electronic 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 Epoxy Base. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Epoxy Base Electronic has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Epoxy Base go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Epoxy Base
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 0.63 times more return on investment than Epoxy Base. However, Juneyao Airlines is 1.59 times less risky than Epoxy Base. It trades about 0.03 of its potential returns per unit of risk. Epoxy Base Electronic is currently generating about 0.02 per unit of risk. If you would invest 1,344 in Juneyao Airlines on August 25, 2024 and sell it today you would earn a total of 110.00 from holding Juneyao Airlines or generate 8.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Epoxy Base Electronic
Performance |
| Timeline |
| Juneyao Airlines |
| Epoxy Base Electronic |
Juneyao Airlines and Epoxy Base Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Epoxy Base
The main advantage of trading using opposite Juneyao Airlines and Epoxy Base positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Epoxy Base 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 Epoxy Base will offset losses from the drop in Epoxy Base's long position.| Juneyao Airlines vs. BYD Co Ltd | Juneyao Airlines vs. China Mobile Limited | Juneyao Airlines vs. Agricultural Bank of | Juneyao Airlines vs. Industrial and Commercial |
| Epoxy Base vs. Zijin Mining Group | Epoxy Base vs. Wanhua Chemical Group | Epoxy Base vs. Baoshan Iron Steel | Epoxy Base vs. Shandong Gold Mining |
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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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