Correlation Between Juneyao Airlines and Shanghai Action
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By analyzing existing cross correlation between Juneyao Airlines and Shanghai Action Education, you can compare the effects of market volatilities on Juneyao Airlines and Shanghai Action 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 Shanghai Action. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Shanghai Action.
Diversification Opportunities for Juneyao Airlines and Shanghai Action
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Juneyao and Shanghai is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Shanghai Action Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Action Education 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 Shanghai Action. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Action Education has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Shanghai Action go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Shanghai Action
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 0.82 times more return on investment than Shanghai Action. However, Juneyao Airlines is 1.21 times less risky than Shanghai Action. It trades about 0.02 of its potential returns per unit of risk. Shanghai Action Education is currently generating about 0.0 per unit of risk. If you would invest 1,361 in Juneyao Airlines on August 26, 2024 and sell it today you would earn a total of 93.00 from holding Juneyao Airlines or generate 6.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Shanghai Action Education
Performance |
| Timeline |
| Juneyao Airlines |
| Shanghai Action Education |
Juneyao Airlines and Shanghai Action Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Shanghai Action
The main advantage of trading using opposite Juneyao Airlines and Shanghai Action positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Shanghai Action 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 Shanghai Action will offset losses from the drop in Shanghai Action'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 |
| Shanghai Action vs. Haima Automobile Group | Shanghai Action vs. Southern PublishingMedia Co | Shanghai Action vs. Innovative Medical Management | Shanghai Action vs. China Asset Management |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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