Correlation Between JetBlue Airways and WELLS
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By analyzing existing cross correlation between JetBlue Airways Corp and WELLS FARGO NEW, you can compare the effects of market volatilities on JetBlue Airways and WELLS 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 WELLS. Check out your portfolio center. Please also check ongoing floating volatility patterns of JetBlue Airways and WELLS.
Diversification Opportunities for JetBlue Airways and WELLS
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JetBlue and WELLS is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding JetBlue Airways Corp and WELLS FARGO NEW in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on WELLS FARGO NEW 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 WELLS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of WELLS FARGO NEW has no effect on the direction of JetBlue Airways i.e., JetBlue Airways and WELLS go up and down completely randomly.
Pair Corralation between JetBlue Airways and WELLS
If you would invest 801.00 in JetBlue Airways Corp on August 25, 2024 and sell it today you would lose (192.00) from holding JetBlue Airways Corp or give up 23.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.8% |
| Values | Daily Returns |
JetBlue Airways Corp vs. WELLS FARGO NEW
Performance |
| Timeline |
| JetBlue Airways Corp |
| WELLS FARGO NEW |
JetBlue Airways and WELLS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JetBlue Airways and WELLS
The main advantage of trading using opposite JetBlue Airways and WELLS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JetBlue Airways position performs unexpectedly, WELLS 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 WELLS will offset losses from the drop in WELLS's long position.| JetBlue Airways vs. Spirit Airlines | JetBlue Airways vs. United Airlines Holdings | JetBlue Airways vs. Frontier Group Holdings |
| WELLS vs. Marfrig Global Foods | WELLS vs. Bridgford Foods | WELLS vs. SNDL Inc | WELLS vs. United Parks Resorts |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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