Correlation Between Juneyao Airlines and Healthcare
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By analyzing existing cross correlation between Juneyao Airlines and Healthcare Co, you can compare the effects of market volatilities on Juneyao Airlines and Healthcare 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 Healthcare. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Healthcare.
Diversification Opportunities for Juneyao Airlines and Healthcare
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Juneyao and Healthcare is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Healthcare Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Healthcare 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 Healthcare. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Healthcare has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Healthcare go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Healthcare
Assuming the 90 days trading horizon Juneyao Airlines is expected to under-perform the Healthcare. But the stock apears to be less risky and, when comparing its historical volatility, Juneyao Airlines is 1.17 times less risky than Healthcare. The stock trades about -0.06 of its potential returns per unit of risk. The Healthcare Co is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 712.00 in Healthcare Co on September 29, 2024 and sell it today you would earn a total of 4.00 from holding Healthcare Co or generate 0.56% 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. Healthcare Co
Performance |
| Timeline |
| Juneyao Airlines |
| Healthcare |
Juneyao Airlines and Healthcare Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Healthcare
The main advantage of trading using opposite Juneyao Airlines and Healthcare positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Healthcare 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 Healthcare will offset losses from the drop in Healthcare's long position.| Juneyao Airlines vs. Industrial and Commercial | Juneyao Airlines vs. Agricultural Bank of | Juneyao Airlines vs. China Construction Bank | Juneyao Airlines vs. Bank of China |
| Healthcare vs. Agricultural Bank of | Healthcare vs. Industrial and Commercial | Healthcare vs. Bank of China | Healthcare vs. China Construction Bank |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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