Correlation Between Guangdong Jingyi and Eastern Air
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By analyzing existing cross correlation between Guangdong Jingyi Metal and Eastern Air Logistics, you can compare the effects of market volatilities on Guangdong Jingyi and Eastern Air 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 Guangdong Jingyi with a short position of Eastern Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangdong Jingyi and Eastern Air.
Diversification Opportunities for Guangdong Jingyi and Eastern Air
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Guangdong and Eastern is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Guangdong Jingyi Metal and Eastern Air Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastern Air Logistics and Guangdong Jingyi 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 Guangdong Jingyi Metal are associated (or correlated) with Eastern Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastern Air Logistics has no effect on the direction of Guangdong Jingyi i.e., Guangdong Jingyi and Eastern Air go up and down completely randomly.
Pair Corralation between Guangdong Jingyi and Eastern Air
Assuming the 90 days trading horizon Guangdong Jingyi Metal is expected to generate 0.89 times more return on investment than Eastern Air. However, Guangdong Jingyi Metal is 1.13 times less risky than Eastern Air. It trades about 0.26 of its potential returns per unit of risk. Eastern Air Logistics is currently generating about 0.0 per unit of risk. If you would invest 646.00 in Guangdong Jingyi Metal on November 3, 2024 and sell it today you would earn a total of 83.00 from holding Guangdong Jingyi Metal or generate 12.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangdong Jingyi Metal vs. Eastern Air Logistics
Performance |
| Timeline |
| Guangdong Jingyi Metal |
| Eastern Air Logistics |
Guangdong Jingyi and Eastern Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangdong Jingyi and Eastern Air
The main advantage of trading using opposite Guangdong Jingyi and Eastern Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangdong Jingyi position performs unexpectedly, Eastern Air 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 Eastern Air will offset losses from the drop in Eastern Air's long position.| Guangdong Jingyi vs. Allmed Medical Products | Guangdong Jingyi vs. Hengkang Medical Group | Guangdong Jingyi vs. Touchstone International Medical | Guangdong Jingyi vs. Chengtun Mining Group |
| Eastern Air vs. Shenzhen Centralcon Investment | Eastern Air vs. HeNan Splendor Science | Eastern Air vs. Citic Offshore Helicopter | Eastern Air vs. CSSC Offshore Marine |
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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