Correlation Between China Eastern and Sharetronic Data
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By analyzing existing cross correlation between China Eastern Airlines and Sharetronic Data Technology, you can compare the effects of market volatilities on China Eastern and Sharetronic Data 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 China Eastern with a short position of Sharetronic Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Eastern and Sharetronic Data.
Diversification Opportunities for China Eastern and Sharetronic Data
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between China and Sharetronic is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding China Eastern Airlines and Sharetronic Data Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sharetronic Data Tec and China Eastern 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 China Eastern Airlines are associated (or correlated) with Sharetronic Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sharetronic Data Tec has no effect on the direction of China Eastern i.e., China Eastern and Sharetronic Data go up and down completely randomly.
Pair Corralation between China Eastern and Sharetronic Data
Assuming the 90 days trading horizon China Eastern Airlines is expected to generate 0.47 times more return on investment than Sharetronic Data. However, China Eastern Airlines is 2.15 times less risky than Sharetronic Data. It trades about -0.1 of its potential returns per unit of risk. Sharetronic Data Technology is currently generating about -0.14 per unit of risk. If you would invest 408.00 in China Eastern Airlines on October 30, 2024 and sell it today you would lose (20.00) from holding China Eastern Airlines or give up 4.9% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Eastern Airlines vs. Sharetronic Data Technology
Performance |
| Timeline |
| China Eastern Airlines |
| Sharetronic Data Tec |
China Eastern and Sharetronic Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Eastern and Sharetronic Data
The main advantage of trading using opposite China Eastern and Sharetronic Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Eastern position performs unexpectedly, Sharetronic Data 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 Sharetronic Data will offset losses from the drop in Sharetronic Data's long position.| China Eastern vs. Ningbo Tip Rubber | China Eastern vs. Jiangnan Mould Plastic | China Eastern vs. Nanya New Material | China Eastern vs. Hengerda New Materials |
| Sharetronic Data vs. Zotye Automobile Co | Sharetronic Data vs. China Mobile Limited | Sharetronic Data vs. Muyuan Foodstuff Co | Sharetronic Data vs. Guangdong Wens Foodstuff |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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