Correlation Between NATIONAL and JetBlue Airways
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By analyzing existing cross correlation between NATIONAL RURAL UTILS and JetBlue Airways Corp, you can compare the effects of market volatilities on NATIONAL 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 NATIONAL with a short position of JetBlue Airways. Check out your portfolio center. Please also check ongoing floating volatility patterns of NATIONAL and JetBlue Airways.
Diversification Opportunities for NATIONAL and JetBlue Airways
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between NATIONAL and JetBlue is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding NATIONAL RURAL UTILS 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 NATIONAL 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 NATIONAL RURAL UTILS 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 NATIONAL i.e., NATIONAL and JetBlue Airways go up and down completely randomly.
Pair Corralation between NATIONAL and JetBlue Airways
Assuming the 90 days trading horizon NATIONAL RURAL UTILS is expected to generate 12.44 times more return on investment than JetBlue Airways. However, NATIONAL is 12.44 times more volatile than JetBlue Airways Corp. It trades about 0.04 of its potential returns per unit of risk. JetBlue Airways Corp is currently generating about 0.01 per unit of risk. If you would invest 9,477 in NATIONAL RURAL UTILS on November 19, 2024 and sell it today you would earn a total of 436.00 from holding NATIONAL RURAL UTILS or generate 4.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 83.03% |
| Values | Daily Returns |
NATIONAL RURAL UTILS vs. JetBlue Airways Corp
Performance |
| Timeline |
| NATIONAL RURAL UTILS |
| JetBlue Airways Corp |
NATIONAL and JetBlue Airways Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NATIONAL and JetBlue Airways
The main advantage of trading using opposite NATIONAL and JetBlue Airways positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NATIONAL 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.| NATIONAL vs. National CineMedia | NATIONAL vs. JBG SMITH Properties | NATIONAL vs. The Peoples Insurance | NATIONAL vs. Life Insurance |
| 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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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