Correlation Between Songz Automobile and Hainan HNA
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By analyzing existing cross correlation between Songz Automobile Air and Hainan HNA Infrastructure, you can compare the effects of market volatilities on Songz Automobile 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 Songz Automobile with a short position of Hainan HNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Songz Automobile and Hainan HNA.
Diversification Opportunities for Songz Automobile and Hainan HNA
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Songz and Hainan is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Songz Automobile Air 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 Songz Automobile 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 Songz Automobile Air 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 Songz Automobile i.e., Songz Automobile and Hainan HNA go up and down completely randomly.
Pair Corralation between Songz Automobile and Hainan HNA
Assuming the 90 days trading horizon Songz Automobile Air is expected to generate 1.35 times more return on investment than Hainan HNA. However, Songz Automobile is 1.35 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 0.0 per unit of risk. If you would invest 727.00 in Songz Automobile Air on October 16, 2024 and sell it today you would lose (75.00) from holding Songz Automobile Air or give up 10.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Songz Automobile Air vs. Hainan HNA Infrastructure
Performance |
| Timeline |
| Songz Automobile Air |
| Hainan HNA Infrastructure |
Songz Automobile and Hainan HNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Songz Automobile and Hainan HNA
The main advantage of trading using opposite Songz Automobile and Hainan HNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Songz Automobile 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.| Songz Automobile vs. Hunan Investment Group | Songz Automobile vs. Zhejiang Construction Investment | Songz Automobile vs. Nuode Investment Co | Songz Automobile vs. Lander Sports Development |
| Hainan HNA vs. Hangzhou Arcvideo Technology | Hainan HNA vs. Harvest Fund Management | Hainan HNA vs. Songz Automobile Air | Hainan HNA vs. Quectel Wireless Solutions |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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