Correlation Between JetBlue Airways and Usio
Can any of the company-specific risk be diversified away by investing in both JetBlue Airways and Usio 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 Usio 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 Usio Inc, you can compare the effects of market volatilities on JetBlue Airways and Usio 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 Usio. Check out your portfolio center. Please also check ongoing floating volatility patterns of JetBlue Airways and Usio.
Diversification Opportunities for JetBlue Airways and Usio
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between JetBlue and Usio is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding JetBlue Airways Corp and Usio Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Usio Inc 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 Usio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Usio Inc has no effect on the direction of JetBlue Airways i.e., JetBlue Airways and Usio go up and down completely randomly.
Pair Corralation between JetBlue Airways and Usio
Given the investment horizon of 90 days JetBlue Airways is expected to generate 1.58 times less return on investment than Usio. In addition to that, JetBlue Airways is 1.39 times more volatile than Usio Inc. It trades about 0.07 of its total potential returns per unit of risk. Usio Inc is currently generating about 0.16 per unit of volatility. If you would invest 138.00 in Usio Inc on September 1, 2024 and sell it today you would earn a total of 13.00 from holding Usio Inc or generate 9.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JetBlue Airways Corp vs. Usio Inc
Performance |
| Timeline |
| JetBlue Airways Corp |
| Usio Inc |
JetBlue Airways and Usio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JetBlue Airways and Usio
The main advantage of trading using opposite JetBlue Airways and Usio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JetBlue Airways position performs unexpectedly, Usio 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 Usio will offset losses from the drop in Usio's long position.| JetBlue Airways vs. Canadian Pacific Railway | JetBlue Airways vs. Werner Enterprises | JetBlue Airways vs. Canadian National Railway | JetBlue Airways vs. CSX Corporation |
| Usio vs. Appen Limited | Usio vs. Value Exchange International | Usio vs. Appen Limited | Usio vs. Deveron Corp |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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