Correlation Between Juneyao Airlines and Jiangxi JDL
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By analyzing existing cross correlation between Juneyao Airlines and Jiangxi JDL Environmental, you can compare the effects of market volatilities on Juneyao Airlines and Jiangxi JDL 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 Jiangxi JDL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Jiangxi JDL.
Diversification Opportunities for Juneyao Airlines and Jiangxi JDL
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Juneyao and Jiangxi is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Jiangxi JDL Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangxi JDL Environmental 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 Jiangxi JDL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangxi JDL Environmental has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Jiangxi JDL go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Jiangxi JDL
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 1.85 times more return on investment than Jiangxi JDL. However, Juneyao Airlines is 1.85 times more volatile than Jiangxi JDL Environmental. It trades about 0.08 of its potential returns per unit of risk. Jiangxi JDL Environmental is currently generating about 0.01 per unit of risk. If you would invest 1,277 in Juneyao Airlines on December 1, 2024 and sell it today you would earn a total of 33.00 from holding Juneyao Airlines or generate 2.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Jiangxi JDL Environmental
Performance |
| Timeline |
| Juneyao Airlines |
| Jiangxi JDL Environmental |
Juneyao Airlines and Jiangxi JDL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Jiangxi JDL
The main advantage of trading using opposite Juneyao Airlines and Jiangxi JDL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Jiangxi JDL 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 Jiangxi JDL will offset losses from the drop in Jiangxi JDL's long position.| Juneyao Airlines vs. Lootom Telcovideo Network | Juneyao Airlines vs. Longxing Chemical Stock | Juneyao Airlines vs. Jinhui Mining Co | Juneyao Airlines vs. Daoming OpticsChemical Co |
| Jiangxi JDL vs. GreenTech Environmental Co | Jiangxi JDL vs. Sinosteel Engineering and | Jiangxi JDL vs. By health | Jiangxi JDL vs. Heren Health Co |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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