Correlation Between Juniper Hotels and Blue Jet
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By analyzing existing cross correlation between Juniper Hotels and Blue Jet Healthcare, you can compare the effects of market volatilities on Juniper Hotels and Blue Jet 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 Juniper Hotels with a short position of Blue Jet. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juniper Hotels and Blue Jet.
Diversification Opportunities for Juniper Hotels and Blue Jet
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Juniper and Blue is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Juniper Hotels and Blue Jet Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Jet Healthcare and Juniper Hotels 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 Juniper Hotels are associated (or correlated) with Blue Jet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Jet Healthcare has no effect on the direction of Juniper Hotels i.e., Juniper Hotels and Blue Jet go up and down completely randomly.
Pair Corralation between Juniper Hotels and Blue Jet
Assuming the 90 days trading horizon Juniper Hotels is expected to under-perform the Blue Jet. But the stock apears to be less risky and, when comparing its historical volatility, Juniper Hotels is 1.5 times less risky than Blue Jet. The stock trades about -0.2 of its potential returns per unit of risk. The Blue Jet Healthcare is currently generating about 0.31 of returns per unit of risk over similar time horizon. If you would invest 50,350 in Blue Jet Healthcare on October 11, 2024 and sell it today you would earn a total of 9,555 from holding Blue Jet Healthcare or generate 18.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Juniper Hotels vs. Blue Jet Healthcare
Performance |
| Timeline |
| Juniper Hotels |
| Blue Jet Healthcare |
Juniper Hotels and Blue Jet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Juniper Hotels and Blue Jet
The main advantage of trading using opposite Juniper Hotels and Blue Jet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juniper Hotels position performs unexpectedly, Blue Jet 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 Blue Jet will offset losses from the drop in Blue Jet's long position.| Juniper Hotels vs. Vraj Iron and | Juniper Hotels vs. Visa Steel Limited | Juniper Hotels vs. Oriental Hotels Limited | Juniper Hotels vs. Blue Coast Hotels |
| Blue Jet vs. One 97 Communications | Blue Jet vs. SIL Investments Limited | Blue Jet vs. Shyam Telecom Limited | Blue Jet vs. Jindal Poly Investment |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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