Correlation Between Jilin Jlu and Juneyao Airlines
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By analyzing existing cross correlation between Jilin Jlu Communication and Juneyao Airlines, you can compare the effects of market volatilities on Jilin Jlu and Juneyao Airlines 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 Jilin Jlu with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin Jlu and Juneyao Airlines.
Diversification Opportunities for Jilin Jlu and Juneyao Airlines
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jilin and Juneyao is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Jilin Jlu Communication and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines and Jilin Jlu 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 Jilin Jlu Communication are associated (or correlated) with Juneyao Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juneyao Airlines has no effect on the direction of Jilin Jlu i.e., Jilin Jlu and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Jilin Jlu and Juneyao Airlines
Assuming the 90 days trading horizon Jilin Jlu Communication is expected to under-perform the Juneyao Airlines. In addition to that, Jilin Jlu is 1.18 times more volatile than Juneyao Airlines. It trades about -0.01 of its total potential returns per unit of risk. Juneyao Airlines is currently generating about 0.02 per unit of volatility. If you would invest 1,420 in Juneyao Airlines on September 24, 2024 and sell it today you would earn a total of 7.00 from holding Juneyao Airlines or generate 0.49% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Strong |
Accuracy | 95.45% |
Values | Daily Returns |
Jilin Jlu Communication vs. Juneyao Airlines
Performance |
Timeline |
Jilin Jlu Communication |
Juneyao Airlines |
Jilin Jlu and Juneyao Airlines Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jilin Jlu and Juneyao Airlines
The main advantage of trading using opposite Jilin Jlu and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin Jlu position performs unexpectedly, Juneyao Airlines 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 Juneyao Airlines will offset losses from the drop in Juneyao Airlines' long position.Jilin Jlu vs. Ming Yang Smart | Jilin Jlu vs. 159681 | Jilin Jlu vs. 159005 | Jilin Jlu vs. Loctek Ergonomic Technology |
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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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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