Correlation Between Ziel Home and Hainan Airlines
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By analyzing existing cross correlation between Ziel Home Furnishing and Hainan Airlines Co, you can compare the effects of market volatilities on Ziel Home 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 Ziel Home with a short position of Hainan Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ziel Home and Hainan Airlines.
Diversification Opportunities for Ziel Home and Hainan Airlines
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ziel and Hainan is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Ziel Home Furnishing and Hainan Airlines Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Airlines and Ziel Home 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 Ziel Home Furnishing 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 Ziel Home i.e., Ziel Home and Hainan Airlines go up and down completely randomly.
Pair Corralation between Ziel Home and Hainan Airlines
Assuming the 90 days trading horizon Ziel Home Furnishing is expected to under-perform the Hainan Airlines. In addition to that, Ziel Home is 1.55 times more volatile than Hainan Airlines Co. It trades about 0.0 of its total potential returns per unit of risk. Hainan Airlines Co is currently generating about 0.0 per unit of volatility. If you would invest 183.00 in Hainan Airlines Co on October 16, 2024 and sell it today you would lose (19.00) from holding Hainan Airlines Co or give up 10.38% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 79.92% |
| Values | Daily Returns |
Ziel Home Furnishing vs. Hainan Airlines Co
Performance |
| Timeline |
| Ziel Home Furnishing |
| Hainan Airlines |
Ziel Home and Hainan Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ziel Home and Hainan Airlines
The main advantage of trading using opposite Ziel Home and Hainan Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ziel Home 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.| Ziel Home vs. Southern PublishingMedia Co | Ziel Home vs. Ye Chiu Metal | Ziel Home vs. China Minmetals Rare | Ziel Home vs. Xinjiang Baodi Mining |
| Hainan Airlines vs. Sino Platinum Metals Co | Hainan Airlines vs. Xinjiang Baodi Mining | Hainan Airlines vs. CITIC Metal Co | Hainan Airlines vs. Zhengzhou Coal Mining |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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