Correlation Between Hainan HNA and Hangzhou Minsheng
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By analyzing existing cross correlation between Hainan HNA Infrastructure and Hangzhou Minsheng Healthcare, you can compare the effects of market volatilities on Hainan HNA and Hangzhou Minsheng 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 HNA with a short position of Hangzhou Minsheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan HNA and Hangzhou Minsheng.
Diversification Opportunities for Hainan HNA and Hangzhou Minsheng
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hainan and Hangzhou is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Hainan HNA Infrastructure and Hangzhou Minsheng Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hangzhou Minsheng and Hainan HNA 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 HNA Infrastructure are associated (or correlated) with Hangzhou Minsheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hangzhou Minsheng has no effect on the direction of Hainan HNA i.e., Hainan HNA and Hangzhou Minsheng go up and down completely randomly.
Pair Corralation between Hainan HNA and Hangzhou Minsheng
Assuming the 90 days trading horizon Hainan HNA Infrastructure is expected to generate 1.44 times more return on investment than Hangzhou Minsheng. However, Hainan HNA is 1.44 times more volatile than Hangzhou Minsheng Healthcare. It trades about 0.16 of its potential returns per unit of risk. Hangzhou Minsheng Healthcare is currently generating about 0.03 per unit of risk. If you would invest 349.00 in Hainan HNA Infrastructure on November 5, 2024 and sell it today you would earn a total of 16.00 from holding Hainan HNA Infrastructure or generate 4.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan HNA Infrastructure vs. Hangzhou Minsheng Healthcare
Performance |
| Timeline |
| Hainan HNA Infrastructure |
| Hangzhou Minsheng |
Hainan HNA and Hangzhou Minsheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan HNA and Hangzhou Minsheng
The main advantage of trading using opposite Hainan HNA and Hangzhou Minsheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan HNA position performs unexpectedly, Hangzhou Minsheng 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 Hangzhou Minsheng will offset losses from the drop in Hangzhou Minsheng's long position.| Hainan HNA vs. Beijing Seeyon Internet | Hainan HNA vs. Shengyuan Environmental Protection | Hainan HNA vs. Holitech Technology Co | Hainan HNA vs. Fiberhome Telecommunication Technologies |
| Hangzhou Minsheng vs. Boai NKY Pharmaceuticals | Hangzhou Minsheng vs. Anker Innovations Technology | Hangzhou Minsheng vs. Wondershare Technology Co | Hangzhou Minsheng vs. Ming Yang Smart |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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