Correlation Between Jiangsu Yanghe and Hainan Airlines
Specify exactly 2 symbols:
By analyzing existing cross correlation between Jiangsu Yanghe Brewery and Hainan Airlines Co, you can compare the effects of market volatilities on Jiangsu Yanghe and Hainan Airlines 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 Jiangsu Yanghe with a short position of Hainan Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Yanghe and Hainan Airlines.
Diversification Opportunities for Jiangsu Yanghe and Hainan Airlines
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jiangsu and Hainan is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Yanghe Brewery and Hainan Airlines Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Airlines and Jiangsu Yanghe 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 Jiangsu Yanghe Brewery are associated (or correlated) with Hainan Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Airlines has no effect on the direction of Jiangsu Yanghe i.e., Jiangsu Yanghe and Hainan Airlines go up and down completely randomly.
Pair Corralation between Jiangsu Yanghe and Hainan Airlines
Assuming the 90 days trading horizon Jiangsu Yanghe is expected to generate 4.91 times less return on investment than Hainan Airlines. But when comparing it to its historical volatility, Jiangsu Yanghe Brewery is 1.49 times less risky than Hainan Airlines. It trades about 0.06 of its potential returns per unit of risk. Hainan Airlines Co is currently generating about 0.2 of returns per unit of risk over similar time horizon. If you would invest 18.00 in Hainan Airlines Co on October 18, 2024 and sell it today you would earn a total of 14.00 from holding Hainan Airlines Co or generate 77.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Yanghe Brewery vs. Hainan Airlines Co
Performance |
| Timeline |
| Jiangsu Yanghe Brewery |
| Hainan Airlines |
Jiangsu Yanghe and Hainan Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Yanghe and Hainan Airlines
The main advantage of trading using opposite Jiangsu Yanghe and Hainan Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Yanghe position performs unexpectedly, Hainan Airlines 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 Hainan Airlines will offset losses from the drop in Hainan Airlines' long position.| Jiangsu Yanghe vs. Beijing Mainstreets Investment | Jiangsu Yanghe vs. Harbin Hatou Investment | Jiangsu Yanghe vs. Jinhe Biotechnology Co | Jiangsu Yanghe vs. Bloomage Biotechnology Corp |
| Hainan Airlines vs. Guocheng Mining Co | Hainan Airlines vs. Jiangsu Yanghe Brewery | Hainan Airlines vs. AVIC Fund Management | Hainan Airlines vs. Shenzhen Silver Basis |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| 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 | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules |