Correlation Between Hainan Airlines and 37 Interactive
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hainan Airlines Co and 37 Interactive Entertainment, you can compare the effects of market volatilities on Hainan Airlines and 37 Interactive 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 Hainan Airlines with a short position of 37 Interactive. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Airlines and 37 Interactive.
Diversification Opportunities for Hainan Airlines and 37 Interactive
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Hainan and 002555 is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Airlines Co and 37 Interactive Entertainment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 37 Interactive Enter and Hainan Airlines 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 Hainan Airlines Co are associated (or correlated) with 37 Interactive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 37 Interactive Enter has no effect on the direction of Hainan Airlines i.e., Hainan Airlines and 37 Interactive go up and down completely randomly.
Pair Corralation between Hainan Airlines and 37 Interactive
Assuming the 90 days trading horizon Hainan Airlines Co is expected to generate 0.69 times more return on investment than 37 Interactive. However, Hainan Airlines Co is 1.45 times less risky than 37 Interactive. It trades about 0.0 of its potential returns per unit of risk. 37 Interactive Entertainment is currently generating about 0.0 per unit of risk. If you would invest 183.00 in Hainan Airlines Co on October 15, 2024 and sell it today you would lose (27.00) from holding Hainan Airlines Co or give up 14.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Airlines Co vs. 37 Interactive Entertainment
Performance |
| Timeline |
| Hainan Airlines |
| 37 Interactive Enter |
Hainan Airlines and 37 Interactive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Airlines and 37 Interactive
The main advantage of trading using opposite Hainan Airlines and 37 Interactive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Airlines position performs unexpectedly, 37 Interactive 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 37 Interactive will offset losses from the drop in 37 Interactive's long position.| Hainan Airlines vs. Western Mining Co | Hainan Airlines vs. Mengtian Home Group | Hainan Airlines vs. Zoy Home Furnishing | Hainan Airlines vs. Ziel Home Furnishing |
| 37 Interactive vs. Bank of Communications | 37 Interactive vs. Beijing YanDong MicroElectronic | 37 Interactive vs. Runjian Communication Co | 37 Interactive vs. State Grid InformationCommunication |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |