Correlation Between 06406RAV9 and JetBlue Airways
Specify exactly 2 symbols:
By analyzing existing cross correlation between BK 105 15 OCT 26 and JetBlue Airways Corp, you can compare the effects of market volatilities on 06406RAV9 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 06406RAV9 with a short position of JetBlue Airways. Check out your portfolio center. Please also check ongoing floating volatility patterns of 06406RAV9 and JetBlue Airways.
Diversification Opportunities for 06406RAV9 and JetBlue Airways
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between 06406RAV9 and JetBlue is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding BK 105 15 OCT 26 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 06406RAV9 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 BK 105 15 OCT 26 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 06406RAV9 i.e., 06406RAV9 and JetBlue Airways go up and down completely randomly.
Pair Corralation between 06406RAV9 and JetBlue Airways
Assuming the 90 days trading horizon BK 105 15 OCT 26 is expected to under-perform the JetBlue Airways. But the bond apears to be less risky and, when comparing its historical volatility, BK 105 15 OCT 26 is 8.89 times less risky than JetBlue Airways. The bond trades about -0.02 of its potential returns per unit of risk. The JetBlue Airways Corp is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 430.00 in JetBlue Airways Corp on September 1, 2024 and sell it today you would earn a total of 167.00 from holding JetBlue Airways Corp or generate 38.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 81.78% |
| Values | Daily Returns |
BK 105 15 OCT 26 vs. JetBlue Airways Corp
Performance |
| Timeline |
| BK 105 15 |
| JetBlue Airways Corp |
06406RAV9 and JetBlue Airways Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 06406RAV9 and JetBlue Airways
The main advantage of trading using opposite 06406RAV9 and JetBlue Airways positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 06406RAV9 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.| 06406RAV9 vs. Stepstone Group | 06406RAV9 vs. Asure Software | 06406RAV9 vs. Bill Com Holdings | 06406RAV9 vs. Mediag3 |
| JetBlue Airways vs. Canadian Pacific Railway | JetBlue Airways vs. Volaris | JetBlue Airways vs. Werner Enterprises | JetBlue Airways vs. Canadian National Railway |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |