Correlation Between JetBlue Airways and China Distance
Can any of the company-specific risk be diversified away by investing in both JetBlue Airways and China Distance 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 China Distance 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 China Distance Education, you can compare the effects of market volatilities on JetBlue Airways and China Distance 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 China Distance. Check out your portfolio center. Please also check ongoing floating volatility patterns of JetBlue Airways and China Distance.
Diversification Opportunities for JetBlue Airways and China Distance
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JetBlue and China is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JetBlue Airways Corp and China Distance Education in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Distance Education 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 China Distance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Distance Education has no effect on the direction of JetBlue Airways i.e., JetBlue Airways and China Distance go up and down completely randomly.
Pair Corralation between JetBlue Airways and China Distance
If you would invest 637.00 in JetBlue Airways Corp on September 12, 2024 and sell it today you would earn a total of 41.00 from holding JetBlue Airways Corp or generate 6.44% 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. China Distance Education
Performance |
| Timeline |
| JetBlue Airways Corp |
| China Distance Education |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
JetBlue Airways and China Distance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JetBlue Airways and China Distance
The main advantage of trading using opposite JetBlue Airways and China Distance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JetBlue Airways position performs unexpectedly, China Distance 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 China Distance will offset losses from the drop in China Distance's long position.| JetBlue Airways vs. Volaris | JetBlue Airways vs. flyExclusive, | JetBlue Airways vs. Alaska Air Group | JetBlue Airways vs. Copa Holdings SA |
| China Distance vs. JetBlue Airways Corp | China Distance vs. Skechers USA | China Distance vs. Church Dwight | China Distance vs. Acme United |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |