Correlation Between JetBlue Airways and 19123MAF0
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By analyzing existing cross correlation between JetBlue Airways Corp and CCEP 15 15 JAN 27, you can compare the effects of market volatilities on JetBlue Airways and 19123MAF0 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 19123MAF0. Check out your portfolio center. Please also check ongoing floating volatility patterns of JetBlue Airways and 19123MAF0.
Diversification Opportunities for JetBlue Airways and 19123MAF0
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JetBlue and 19123MAF0 is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding JetBlue Airways Corp and CCEP 15 15 JAN 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CCEP 15 15 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 19123MAF0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CCEP 15 15 has no effect on the direction of JetBlue Airways i.e., JetBlue Airways and 19123MAF0 go up and down completely randomly.
Pair Corralation between JetBlue Airways and 19123MAF0
Given the investment horizon of 90 days JetBlue Airways Corp is expected to generate 5.82 times more return on investment than 19123MAF0. However, JetBlue Airways is 5.82 times more volatile than CCEP 15 15 JAN 27. It trades about 0.01 of its potential returns per unit of risk. CCEP 15 15 JAN 27 is currently generating about 0.04 per unit of risk. If you would invest 710.00 in JetBlue Airways Corp on September 3, 2024 and sell it today you would lose (113.00) from holding JetBlue Airways Corp or give up 15.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 25.25% |
| Values | Daily Returns |
JetBlue Airways Corp vs. CCEP 15 15 JAN 27
Performance |
| Timeline |
| JetBlue Airways Corp |
| CCEP 15 15 |
JetBlue Airways and 19123MAF0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JetBlue Airways and 19123MAF0
The main advantage of trading using opposite JetBlue Airways and 19123MAF0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JetBlue Airways position performs unexpectedly, 19123MAF0 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 19123MAF0 will offset losses from the drop in 19123MAF0's long position.| JetBlue Airways vs. Copa Holdings SA | JetBlue Airways vs. SkyWest | JetBlue Airways vs. Air Transport Services | JetBlue Airways vs. Mesa Air Group |
| 19123MAF0 vs. Precision Drilling | 19123MAF0 vs. Ryanair Holdings PLC | 19123MAF0 vs. Alaska Air Group | 19123MAF0 vs. Pentair PLC |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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