Correlation Between HeNan Splendor and Eastern Air
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By analyzing existing cross correlation between HeNan Splendor Science and Eastern Air Logistics, you can compare the effects of market volatilities on HeNan Splendor 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 HeNan Splendor with a short position of Eastern Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of HeNan Splendor and Eastern Air.
Diversification Opportunities for HeNan Splendor and Eastern Air
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between HeNan and Eastern is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding HeNan Splendor Science 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 HeNan Splendor 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 HeNan Splendor Science 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 HeNan Splendor i.e., HeNan Splendor and Eastern Air go up and down completely randomly.
Pair Corralation between HeNan Splendor and Eastern Air
Assuming the 90 days trading horizon HeNan Splendor Science is expected to generate 2.72 times more return on investment than Eastern Air. However, HeNan Splendor is 2.72 times more volatile than Eastern Air Logistics. It trades about 0.14 of its potential returns per unit of risk. Eastern Air Logistics is currently generating about -0.31 per unit of risk. If you would invest 1,075 in HeNan Splendor Science on December 8, 2024 and sell it today you would earn a total of 67.00 from holding HeNan Splendor Science or generate 6.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
HeNan Splendor Science vs. Eastern Air Logistics
Performance |
| Timeline |
| HeNan Splendor Science |
| Eastern Air Logistics |
HeNan Splendor and Eastern Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HeNan Splendor and Eastern Air
The main advantage of trading using opposite HeNan Splendor and Eastern Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HeNan Splendor 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.| HeNan Splendor vs. Jiangsu Financial Leasing | ||
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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 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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