Correlation Between Hainan Airlines and Juneyao Airlines
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By analyzing existing cross correlation between Hainan Airlines Co and Juneyao Airlines, you can compare the effects of market volatilities on Hainan Airlines and Juneyao 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 Hainan Airlines with a short position of Juneyao Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Airlines and Juneyao Airlines.
Diversification Opportunities for Hainan Airlines and Juneyao Airlines
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hainan and Juneyao is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Airlines Co and Juneyao Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juneyao Airlines 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 Juneyao Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juneyao Airlines has no effect on the direction of Hainan Airlines i.e., Hainan Airlines and Juneyao Airlines go up and down completely randomly.
Pair Corralation between Hainan Airlines and Juneyao Airlines
If you would invest 0.00 in Hainan Airlines Co on January 26, 2025 and sell it today you would earn a total of 0.00 from holding Hainan Airlines Co or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Hainan Airlines Co vs. Juneyao Airlines
Performance |
| Timeline |
| Hainan Airlines |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| Juneyao Airlines |
Hainan Airlines and Juneyao Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Airlines and Juneyao Airlines
The main advantage of trading using opposite Hainan Airlines and Juneyao Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Airlines position performs unexpectedly, Juneyao 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 Juneyao Airlines will offset losses from the drop in Juneyao Airlines' long position.| Hainan Airlines vs. Jointo Energy Investment | Hainan Airlines vs. Xiamen Insight Investment | Hainan Airlines vs. Southchip Semiconductor Technology | Hainan Airlines vs. GigaDevice SemiconductorBeiji |
| Juneyao Airlines vs. Dymatic Chemicals | Juneyao Airlines vs. Xiamen Jihong Package | Juneyao Airlines vs. Miracll Chemicals Co | Juneyao Airlines vs. Anji Foodstuff Co |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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