Correlation Between JetBlue Airways and FitLife Brands,
Can any of the company-specific risk be diversified away by investing in both JetBlue Airways and FitLife Brands, 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 FitLife Brands, 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 FitLife Brands, Common, you can compare the effects of market volatilities on JetBlue Airways and FitLife Brands, 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 FitLife Brands,. Check out your portfolio center. Please also check ongoing floating volatility patterns of JetBlue Airways and FitLife Brands,.
Diversification Opportunities for JetBlue Airways and FitLife Brands,
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JetBlue and FitLife is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding JetBlue Airways Corp and FitLife Brands, Common in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FitLife Brands, Common 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 FitLife Brands,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FitLife Brands, Common has no effect on the direction of JetBlue Airways i.e., JetBlue Airways and FitLife Brands, go up and down completely randomly.
Pair Corralation between JetBlue Airways and FitLife Brands,
Given the investment horizon of 90 days JetBlue Airways Corp is expected to generate 1.34 times more return on investment than FitLife Brands,. However, JetBlue Airways is 1.34 times more volatile than FitLife Brands, Common. It trades about 0.03 of its potential returns per unit of risk. FitLife Brands, Common is currently generating about 0.02 per unit of risk. If you would invest 563.00 in JetBlue Airways Corp on September 1, 2024 and sell it today you would earn a total of 34.00 from holding JetBlue Airways Corp or generate 6.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
JetBlue Airways Corp vs. FitLife Brands, Common
Performance |
| Timeline |
| JetBlue Airways Corp |
| FitLife Brands, Common |
JetBlue Airways and FitLife Brands, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JetBlue Airways and FitLife Brands,
The main advantage of trading using opposite JetBlue Airways and FitLife Brands, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JetBlue Airways position performs unexpectedly, FitLife Brands, 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 FitLife Brands, will offset losses from the drop in FitLife Brands,'s long position.| JetBlue Airways vs. Canadian Pacific Railway | JetBlue Airways vs. Werner Enterprises | JetBlue Airways vs. Canadian National Railway | JetBlue Airways vs. CSX Corporation |
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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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