Correlation Between Blue Coast and Juniper Hotels
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By analyzing existing cross correlation between Blue Coast Hotels and Juniper Hotels, you can compare the effects of market volatilities on Blue Coast and Juniper Hotels 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 Blue Coast with a short position of Juniper Hotels. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Coast and Juniper Hotels.
Diversification Opportunities for Blue Coast and Juniper Hotels
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Blue and Juniper is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Blue Coast Hotels and Juniper Hotels in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juniper Hotels and Blue Coast 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 Blue Coast Hotels are associated (or correlated) with Juniper Hotels. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juniper Hotels has no effect on the direction of Blue Coast i.e., Blue Coast and Juniper Hotels go up and down completely randomly.
Pair Corralation between Blue Coast and Juniper Hotels
Assuming the 90 days trading horizon Blue Coast Hotels is expected to generate 0.75 times more return on investment than Juniper Hotels. However, Blue Coast Hotels is 1.33 times less risky than Juniper Hotels. It trades about 0.08 of its potential returns per unit of risk. Juniper Hotels is currently generating about -0.01 per unit of risk. If you would invest 660.00 in Blue Coast Hotels on August 30, 2024 and sell it today you would earn a total of 338.00 from holding Blue Coast Hotels or generate 51.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 63.27% |
| Values | Daily Returns |
Blue Coast Hotels vs. Juniper Hotels
Performance |
| Timeline |
| Blue Coast Hotels |
| Juniper Hotels |
Blue Coast and Juniper Hotels Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Coast and Juniper Hotels
The main advantage of trading using opposite Blue Coast and Juniper Hotels positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Coast position performs unexpectedly, Juniper Hotels 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 Juniper Hotels will offset losses from the drop in Juniper Hotels' long position.| Blue Coast vs. Hemisphere Properties India | Blue Coast vs. India Glycols Limited | Blue Coast vs. Indo Borax Chemicals | Blue Coast vs. Kingfa Science Technology |
| Juniper Hotels vs. Hemisphere Properties India | Juniper Hotels vs. India Glycols Limited | Juniper Hotels vs. Indo Borax Chemicals | Juniper Hotels vs. Kingfa Science 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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