Correlation Between Zhejiang Kingland and Hainan HNA
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By analyzing existing cross correlation between Zhejiang Kingland Pipeline and Hainan HNA Infrastructure, you can compare the effects of market volatilities on Zhejiang Kingland and Hainan HNA 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 Zhejiang Kingland with a short position of Hainan HNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zhejiang Kingland and Hainan HNA.
Diversification Opportunities for Zhejiang Kingland and Hainan HNA
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Zhejiang and Hainan is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Zhejiang Kingland Pipeline and Hainan HNA Infrastructure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan HNA Infrastructure and Zhejiang Kingland 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 Zhejiang Kingland Pipeline are associated (or correlated) with Hainan HNA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan HNA Infrastructure has no effect on the direction of Zhejiang Kingland i.e., Zhejiang Kingland and Hainan HNA go up and down completely randomly.
Pair Corralation between Zhejiang Kingland and Hainan HNA
Assuming the 90 days trading horizon Zhejiang Kingland Pipeline is expected to generate 1.11 times more return on investment than Hainan HNA. However, Zhejiang Kingland is 1.11 times more volatile than Hainan HNA Infrastructure. It trades about 0.0 of its potential returns per unit of risk. Hainan HNA Infrastructure is currently generating about -0.03 per unit of risk. If you would invest 618.00 in Zhejiang Kingland Pipeline on October 16, 2024 and sell it today you would lose (55.00) from holding Zhejiang Kingland Pipeline or give up 8.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zhejiang Kingland Pipeline vs. Hainan HNA Infrastructure
Performance |
| Timeline |
| Zhejiang Kingland |
| Hainan HNA Infrastructure |
Zhejiang Kingland and Hainan HNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zhejiang Kingland and Hainan HNA
The main advantage of trading using opposite Zhejiang Kingland and Hainan HNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zhejiang Kingland position performs unexpectedly, Hainan HNA 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 HNA will offset losses from the drop in Hainan HNA's long position.| Zhejiang Kingland vs. Ziel Home Furnishing | Zhejiang Kingland vs. Shandong Homey Aquatic | Zhejiang Kingland vs. Markor International Home | Zhejiang Kingland vs. Hunan Mendale Hometextile |
| Hainan HNA vs. Eastroc Beverage Group | Hainan HNA vs. Hubei Forbon Technology | Hainan HNA vs. Yankershop Food Co | Hainan HNA vs. Zhejiang Kingland Pipeline |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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