Correlation Between QuickLogic and JetBlue Airways
Can any of the company-specific risk be diversified away by investing in both QuickLogic and JetBlue Airways 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 QuickLogic and JetBlue Airways into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between QuickLogic and JetBlue Airways Corp, you can compare the effects of market volatilities on QuickLogic and JetBlue Airways 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 QuickLogic with a short position of JetBlue Airways. Check out your portfolio center. Please also check ongoing floating volatility patterns of QuickLogic and JetBlue Airways.
Diversification Opportunities for QuickLogic and JetBlue Airways
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between QuickLogic and JetBlue is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding QuickLogic and JetBlue Airways Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JetBlue Airways Corp and QuickLogic 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 QuickLogic are associated (or correlated) with JetBlue Airways. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JetBlue Airways Corp has no effect on the direction of QuickLogic i.e., QuickLogic and JetBlue Airways go up and down completely randomly.
Pair Corralation between QuickLogic and JetBlue Airways
Given the investment horizon of 90 days QuickLogic is expected to generate 3.56 times less return on investment than JetBlue Airways. In addition to that, QuickLogic is 1.06 times more volatile than JetBlue Airways Corp. It trades about 0.02 of its total potential returns per unit of risk. JetBlue Airways Corp is currently generating about 0.09 per unit of volatility. 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 Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
QuickLogic vs. JetBlue Airways Corp
Performance |
| Timeline |
| QuickLogic |
| JetBlue Airways Corp |
QuickLogic and JetBlue Airways Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with QuickLogic and JetBlue Airways
The main advantage of trading using opposite QuickLogic and JetBlue Airways positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if QuickLogic position performs unexpectedly, JetBlue Airways 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 JetBlue Airways will offset losses from the drop in JetBlue Airways' long position.| QuickLogic vs. Pixelworks | QuickLogic vs. AXT Inc | QuickLogic vs. Power Integrations | QuickLogic vs. Lattice Semiconductor |
| JetBlue Airways vs. Frontier Group Holdings | JetBlue Airways vs. Southwest Airlines | JetBlue Airways vs. United Airlines Holdings | JetBlue Airways vs. American Airlines Group |
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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