Correlation Between JetBlue Airways and Allegheny
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By analyzing existing cross correlation between JetBlue Airways Corp and Allegheny Technologies 5875, you can compare the effects of market volatilities on JetBlue Airways and Allegheny 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 Allegheny. Check out your portfolio center. Please also check ongoing floating volatility patterns of JetBlue Airways and Allegheny.
Diversification Opportunities for JetBlue Airways and Allegheny
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between JetBlue and Allegheny is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding JetBlue Airways Corp and Allegheny Technologies 5875 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allegheny Technologies 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 Allegheny. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allegheny Technologies has no effect on the direction of JetBlue Airways i.e., JetBlue Airways and Allegheny go up and down completely randomly.
Pair Corralation between JetBlue Airways and Allegheny
Given the investment horizon of 90 days JetBlue Airways Corp is expected to generate 1.52 times more return on investment than Allegheny. However, JetBlue Airways is 1.52 times more volatile than Allegheny Technologies 5875. It trades about 0.09 of its potential returns per unit of risk. Allegheny Technologies 5875 is currently generating about -0.01 per unit of risk. If you would invest 592.00 in JetBlue Airways Corp on September 12, 2024 and sell it today you would earn a total of 123.00 from holding JetBlue Airways Corp or generate 20.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.31% |
| Values | Daily Returns |
JetBlue Airways Corp vs. Allegheny Technologies 5875
Performance |
| Timeline |
| JetBlue Airways Corp |
| Allegheny Technologies |
JetBlue Airways and Allegheny Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JetBlue Airways and Allegheny
The main advantage of trading using opposite JetBlue Airways and Allegheny positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JetBlue Airways position performs unexpectedly, Allegheny 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 Allegheny will offset losses from the drop in Allegheny's long position.| JetBlue Airways vs. American Airlines Group | JetBlue Airways vs. Southwest Airlines | JetBlue Airways vs. United Airlines Holdings | JetBlue Airways vs. Frontier Group Holdings |
| Allegheny vs. Live Ventures | Allegheny vs. Summit Hotel Properties | Allegheny vs. Mid Atlantic Home Health | Allegheny vs. RCI Hospitality Holdings |
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 Stocks Directory module to find actively traded stocks across global markets.
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