Correlation Between JetBlue Airways and Genocea Biosciences
Can any of the company-specific risk be diversified away by investing in both JetBlue Airways and Genocea Biosciences 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 Genocea Biosciences 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 Genocea Biosciences, you can compare the effects of market volatilities on JetBlue Airways and Genocea Biosciences 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 Genocea Biosciences. Check out your portfolio center. Please also check ongoing floating volatility patterns of JetBlue Airways and Genocea Biosciences.
Diversification Opportunities for JetBlue Airways and Genocea Biosciences
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between JetBlue and Genocea is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding JetBlue Airways Corp and Genocea Biosciences in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genocea Biosciences 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 Genocea Biosciences. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genocea Biosciences has no effect on the direction of JetBlue Airways i.e., JetBlue Airways and Genocea Biosciences go up and down completely randomly.
Pair Corralation between JetBlue Airways and Genocea Biosciences
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 | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
JetBlue Airways Corp vs. Genocea Biosciences
Performance |
| Timeline |
| JetBlue Airways Corp |
| Genocea Biosciences |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
JetBlue Airways and Genocea Biosciences Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JetBlue Airways and Genocea Biosciences
The main advantage of trading using opposite JetBlue Airways and Genocea Biosciences positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JetBlue Airways position performs unexpectedly, Genocea Biosciences 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 Genocea Biosciences will offset losses from the drop in Genocea Biosciences' long position.| JetBlue Airways vs. Canadian Pacific Railway | JetBlue Airways vs. Werner Enterprises | JetBlue Airways vs. Canadian National Railway | JetBlue Airways vs. CSX Corporation |
| Genocea Biosciences vs. Sun Country Airlines | Genocea Biosciences vs. Iridium Communications | Genocea Biosciences vs. 51Talk Online Education | Genocea Biosciences vs. Hafnia Limited |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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