Correlation Between Juneyao Airlines and Niutech Environment
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By analyzing existing cross correlation between Juneyao Airlines and Niutech Environment Technology, you can compare the effects of market volatilities on Juneyao Airlines and Niutech Environment 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 Niutech Environment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Juneyao Airlines and Niutech Environment.
Diversification Opportunities for Juneyao Airlines and Niutech Environment
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Juneyao and Niutech is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Juneyao Airlines and Niutech Environment Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Niutech Environment 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 Niutech Environment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Niutech Environment has no effect on the direction of Juneyao Airlines i.e., Juneyao Airlines and Niutech Environment go up and down completely randomly.
Pair Corralation between Juneyao Airlines and Niutech Environment
Assuming the 90 days trading horizon Juneyao Airlines is expected to generate 0.8 times more return on investment than Niutech Environment. However, Juneyao Airlines is 1.24 times less risky than Niutech Environment. It trades about 0.19 of its potential returns per unit of risk. Niutech Environment Technology is currently generating about 0.09 per unit of risk. If you would invest 1,034 in Juneyao Airlines on September 25, 2024 and sell it today you would earn a total of 393.00 from holding Juneyao Airlines or generate 38.01% 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. Niutech Environment Technology
Performance |
Timeline |
Juneyao Airlines |
Niutech Environment |
Juneyao Airlines and Niutech Environment Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Juneyao Airlines and Niutech Environment
The main advantage of trading using opposite Juneyao Airlines and Niutech Environment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Juneyao Airlines position performs unexpectedly, Niutech Environment 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 Niutech Environment will offset losses from the drop in Niutech Environment'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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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