Correlation Between JetBlue Airways and Amrica
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By analyzing existing cross correlation between JetBlue Airways Corp and Amrica Mvil SAB, you can compare the effects of market volatilities on JetBlue Airways and Amrica 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 Amrica. Check out your portfolio center. Please also check ongoing floating volatility patterns of JetBlue Airways and Amrica.
Diversification Opportunities for JetBlue Airways and Amrica
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between JetBlue and Amrica is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding JetBlue Airways Corp and Amrica Mvil SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Amrica Mvil SAB 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 Amrica. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Amrica Mvil SAB has no effect on the direction of JetBlue Airways i.e., JetBlue Airways and Amrica go up and down completely randomly.
Pair Corralation between JetBlue Airways and Amrica
Given the investment horizon of 90 days JetBlue Airways Corp is expected to generate 1.62 times more return on investment than Amrica. However, JetBlue Airways is 1.62 times more volatile than Amrica Mvil SAB. It trades about 0.09 of its potential returns per unit of risk. Amrica Mvil SAB is currently generating about 0.0 per unit of risk. If you would invest 563.00 in JetBlue Airways Corp on August 31, 2024 and sell it today you would earn a total of 33.00 from holding JetBlue Airways Corp or generate 5.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 63.64% |
| Values | Daily Returns |
JetBlue Airways Corp vs. Amrica Mvil SAB
Performance |
| Timeline |
| JetBlue Airways Corp |
| Amrica Mvil SAB |
JetBlue Airways and Amrica Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JetBlue Airways and Amrica
The main advantage of trading using opposite JetBlue Airways and Amrica positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JetBlue Airways position performs unexpectedly, Amrica 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 Amrica will offset losses from the drop in Amrica's long position.| JetBlue Airways vs. Frontier Group Holdings | JetBlue Airways vs. Southwest Airlines | JetBlue Airways vs. United Airlines Holdings | JetBlue Airways vs. American Airlines Group |
| Amrica vs. JetBlue Airways Corp | Amrica vs. Volaris | Amrica vs. Anheuser Busch Inbev | Amrica vs. Air Transport Services |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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