Correlation Between 254687DB9 and JetBlue Airways
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By analyzing existing cross correlation between DIS 85 23 FEB 25 and JetBlue Airways Corp, you can compare the effects of market volatilities on 254687DB9 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 254687DB9 with a short position of JetBlue Airways. Check out your portfolio center. Please also check ongoing floating volatility patterns of 254687DB9 and JetBlue Airways.
Diversification Opportunities for 254687DB9 and JetBlue Airways
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between 254687DB9 and JetBlue is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding DIS 85 23 FEB 25 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 254687DB9 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 DIS 85 23 FEB 25 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 254687DB9 i.e., 254687DB9 and JetBlue Airways go up and down completely randomly.
Pair Corralation between 254687DB9 and JetBlue Airways
Assuming the 90 days trading horizon DIS 85 23 FEB 25 is expected to generate 0.5 times more return on investment than JetBlue Airways. However, DIS 85 23 FEB 25 is 2.01 times less risky than JetBlue Airways. It trades about 0.04 of its potential returns per unit of risk. JetBlue Airways Corp is currently generating about -0.12 per unit of risk. If you would invest 10,139 in DIS 85 23 FEB 25 on August 28, 2024 and sell it today you would earn a total of 189.00 from holding DIS 85 23 FEB 25 or generate 1.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
DIS 85 23 FEB 25 vs. JetBlue Airways Corp
Performance |
| Timeline |
| DIS 85 23 |
| JetBlue Airways Corp |
254687DB9 and JetBlue Airways Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 254687DB9 and JetBlue Airways
The main advantage of trading using opposite 254687DB9 and JetBlue Airways positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 254687DB9 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.| 254687DB9 vs. RBC Bearings Incorporated | 254687DB9 vs. Barrick Gold Corp | 254687DB9 vs. Toro Co | 254687DB9 vs. Estee Lauder Companies |
| 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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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