Correlation Between Juneyao Airlines and China Kings
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By analyzing existing cross correlation between Juneyao Airlines and China Kings Resources, you can compare the effects of market volatilities on Juneyao Airlines and China Kings 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 China Kings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and China Kings.
Diversification Opportunities for Juneyao Airlines and China Kings
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Juneyao and China is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and China Kings Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Kings Resources 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 China Kings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Kings Resources has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and China Kings go up and down completely randomly.
Pair Corralation between Juneyao Airlines and China Kings
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 5.86 times less return on investment than China Kings. But when comparing it to its historical volatility, Juneyao Airlines is 1.17 times less risky than China Kings. It trades about 0.0 of its potential returns per unit of risk. China Kings Resources is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 2,795 in China Kings Resources on September 12, 2024 and sell it today you would lose (187.00) from holding China Kings Resources or give up 6.69% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.79% |
| Values | Daily Returns |
Juneyao Airlines vs. China Kings Resources
Performance |
| Timeline |
| Juneyao Airlines |
| China Kings Resources |
Juneyao Airlines and China Kings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and China Kings
The main advantage of trading using opposite Juneyao Airlines and China Kings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, China Kings 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 China Kings will offset losses from the drop in China Kings' long position.| Juneyao Airlines vs. Agricultural Bank of | Juneyao Airlines vs. Industrial and Commercial | Juneyao Airlines vs. Bank of China | Juneyao Airlines vs. PetroChina Co Ltd |
| China Kings vs. Sichuan Fulin Transportation | China Kings vs. Shaanxi Broadcast TV | China Kings vs. Juneyao Airlines | China Kings vs. Shanghai Broadband 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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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