Correlation Between Easyhome New and Air China
Specify exactly 2 symbols:
By analyzing existing cross correlation between Easyhome New Retail and Air China Ltd, you can compare the effects of market volatilities on Easyhome New and Air China 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 Easyhome New with a short position of Air China. Check out your portfolio center. Please also check ongoing floating volatility patterns of Easyhome New and Air China.
Diversification Opportunities for Easyhome New and Air China
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Easyhome and Air is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Easyhome New Retail and Air China Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Air China and Easyhome New 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 Easyhome New Retail are associated (or correlated) with Air China. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Air China has no effect on the direction of Easyhome New i.e., Easyhome New and Air China go up and down completely randomly.
Pair Corralation between Easyhome New and Air China
Assuming the 90 days trading horizon Easyhome New Retail is expected to generate 2.09 times more return on investment than Air China. However, Easyhome New is 2.09 times more volatile than Air China Ltd. It trades about 0.32 of its potential returns per unit of risk. Air China Ltd is currently generating about 0.39 per unit of risk. If you would invest 298.00 in Easyhome New Retail on September 13, 2024 and sell it today you would earn a total of 94.00 from holding Easyhome New Retail or generate 31.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Easyhome New Retail vs. Air China Ltd
Performance |
| Timeline |
| Easyhome New Retail |
| Air China |
Easyhome New and Air China Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Easyhome New and Air China
The main advantage of trading using opposite Easyhome New and Air China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Easyhome New position performs unexpectedly, Air China 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 Air China will offset losses from the drop in Air China's long position.| Easyhome New vs. Ming Yang Smart | Easyhome New vs. 159681 | Easyhome New vs. 159005 | Easyhome New vs. Loctek Ergonomic Technology |
| Air China vs. Shanghai Action Education | Air China vs. Heilongjiang Publishing Media | Air China vs. Qtone Education Group | Air China vs. Southern PublishingMedia Co |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |