Correlation Between Juneyao Airlines and Anhui Deli
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By analyzing existing cross correlation between Juneyao Airlines and Anhui Deli Household, you can compare the effects of market volatilities on Juneyao Airlines and Anhui Deli 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 Juneyao Airlines with a short position of Anhui Deli. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Anhui Deli.
Diversification Opportunities for Juneyao Airlines and Anhui Deli
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Juneyao and Anhui is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Anhui Deli Household in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Deli Household and Juneyao Airlines 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 Juneyao Airlines are associated (or correlated) with Anhui Deli. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Deli Household has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Anhui Deli go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Anhui Deli
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 1.03 times more return on investment than Anhui Deli. However, Juneyao Airlines is 1.03 times more volatile than Anhui Deli Household. It trades about 0.02 of its potential returns per unit of risk. Anhui Deli Household is currently generating about -0.04 per unit of risk. 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 | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Juneyao Airlines vs. Anhui Deli Household
Performance |
Timeline |
Juneyao Airlines |
Anhui Deli Household |
Juneyao Airlines and Anhui Deli Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Juneyao Airlines and Anhui Deli
The main advantage of trading using opposite Juneyao Airlines and Anhui Deli positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Anhui Deli 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 Anhui Deli will offset losses from the drop in Anhui Deli's long position.Juneyao Airlines vs. Industrial and Commercial | Juneyao Airlines vs. Agricultural Bank of | Juneyao Airlines vs. China Construction Bank | Juneyao Airlines vs. Bank of China |
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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