Correlation Between Juneyao Airlines and Shanghai Bailian
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By analyzing existing cross correlation between Juneyao Airlines and Shanghai Bailian Group, you can compare the effects of market volatilities on Juneyao Airlines and Shanghai Bailian 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 Bailian. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Shanghai Bailian.
Diversification Opportunities for Juneyao Airlines and Shanghai Bailian
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Juneyao and Shanghai is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Shanghai Bailian Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Bailian 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 Bailian. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Bailian has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Shanghai Bailian go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Shanghai Bailian
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 1.18 times more return on investment than Shanghai Bailian. However, Juneyao Airlines is 1.18 times more volatile than Shanghai Bailian Group. It trades about 0.01 of its potential returns per unit of risk. Shanghai Bailian Group is currently generating about 0.0 per unit of risk. If you would invest 1,529 in Juneyao Airlines on August 27, 2024 and sell it today you would lose (75.00) from holding Juneyao Airlines or give up 4.91% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juneyao Airlines vs. Shanghai Bailian Group
Performance |
| Timeline |
| Juneyao Airlines |
| Shanghai Bailian |
Juneyao Airlines and Shanghai Bailian Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juneyao Airlines and Shanghai Bailian
The main advantage of trading using opposite Juneyao Airlines and Shanghai Bailian positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Shanghai Bailian 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 Bailian will offset losses from the drop in Shanghai Bailian'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 Bailian vs. Nantong Jiangshan Agrochemical | Shanghai Bailian vs. Ningxia Younglight Chemicals | Shanghai Bailian vs. Time Publishing and | Shanghai Bailian vs. Juneyao Airlines |
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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