Correlation Between Delta Air and Jyske Invest
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By analyzing existing cross correlation between Delta Air Lines and Jyske Invest Nye, you can compare the effects of market volatilities on Delta Air and Jyske Invest 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 Delta Air with a short position of Jyske Invest. Check out your portfolio center. Please also check ongoing floating volatility patterns of Delta Air and Jyske Invest.
Diversification Opportunities for Delta Air and Jyske Invest
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Delta and Jyske is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Delta Air Lines and Jyske Invest Nye in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jyske Invest Nye and Delta Air 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 Delta Air Lines are associated (or correlated) with Jyske Invest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jyske Invest Nye has no effect on the direction of Delta Air i.e., Delta Air and Jyske Invest go up and down completely randomly.
Pair Corralation between Delta Air and Jyske Invest
Considering the 90-day investment horizon Delta Air Lines is expected to generate 2.39 times more return on investment than Jyske Invest. However, Delta Air is 2.39 times more volatile than Jyske Invest Nye. It trades about 0.04 of its potential returns per unit of risk. Jyske Invest Nye is currently generating about 0.02 per unit of risk. If you would invest 3,797 in Delta Air Lines on January 27, 2024 and sell it today you would earn a total of 1,191 from holding Delta Air Lines or generate 31.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 94.33% |
| Values | Daily Returns |
Delta Air Lines vs. Jyske Invest Nye
Performance |
| Timeline |
| Delta Air Lines |
| Jyske Invest Nye |
Delta Air and Jyske Invest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Delta Air and Jyske Invest
The main advantage of trading using opposite Delta Air and Jyske Invest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Delta Air position performs unexpectedly, Jyske Invest 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 Jyske Invest will offset losses from the drop in Jyske Invest's long position.| Delta Air vs. American Airlines Group | Delta Air vs. Southwest Airlines | Delta Air vs. JetBlue Airways Corp | Delta Air vs. Spirit Airlines |
| Jyske Invest vs. Novo Nordisk AS | Jyske Invest vs. Nordea Bank Abp | Jyske Invest vs. DSV Panalpina AS | Jyske Invest vs. AP Mller |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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