Correlation Between JetBlue Airways and CoreLogic
Can any of the company-specific risk be diversified away by investing in both JetBlue Airways and CoreLogic at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining JetBlue Airways and CoreLogic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between JetBlue Airways Corp and CoreLogic, you can compare the effects of market volatilities on JetBlue Airways and CoreLogic 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 JetBlue Airways with a short position of CoreLogic. Check out your portfolio center. Please also check ongoing floating volatility patterns of JetBlue Airways and CoreLogic.
Diversification Opportunities for JetBlue Airways and CoreLogic
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JetBlue and CoreLogic is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JetBlue Airways Corp and CoreLogic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CoreLogic and JetBlue Airways 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 JetBlue Airways Corp are associated (or correlated) with CoreLogic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CoreLogic has no effect on the direction of JetBlue Airways i.e., JetBlue Airways and CoreLogic go up and down completely randomly.
Pair Corralation between JetBlue Airways and CoreLogic
If you would invest 571.00 in JetBlue Airways Corp on September 4, 2024 and sell it today you would earn a total of 48.00 from holding JetBlue Airways Corp or generate 8.41% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
JetBlue Airways Corp vs. CoreLogic
Performance |
| Timeline |
| JetBlue Airways Corp |
| CoreLogic |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
JetBlue Airways and CoreLogic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JetBlue Airways and CoreLogic
The main advantage of trading using opposite JetBlue Airways and CoreLogic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JetBlue Airways position performs unexpectedly, CoreLogic 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 CoreLogic will offset losses from the drop in CoreLogic's long position.| JetBlue Airways vs. Delta Air Lines | JetBlue Airways vs. United Airlines Holdings | JetBlue Airways vs. Frontier Group Holdings |
| CoreLogic vs. Transocean | CoreLogic vs. ICC Holdings | CoreLogic vs. Awilco Drilling PLC | CoreLogic vs. Tenaris SA ADR |
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 Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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