Correlation Between Tsingtao Brewery and China Express
Specify exactly 2 symbols:
By analyzing existing cross correlation between Tsingtao Brewery Co and China Express Airlines, you can compare the effects of market volatilities on Tsingtao Brewery and China Express 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 Tsingtao Brewery with a short position of China Express. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tsingtao Brewery and China Express.
Diversification Opportunities for Tsingtao Brewery and China Express
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Tsingtao and China is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Tsingtao Brewery Co and China Express Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Express Airlines and Tsingtao Brewery 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 Tsingtao Brewery Co are associated (or correlated) with China Express. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Express Airlines has no effect on the direction of Tsingtao Brewery i.e., Tsingtao Brewery and China Express go up and down completely randomly.
Pair Corralation between Tsingtao Brewery and China Express
Assuming the 90 days trading horizon Tsingtao Brewery Co is expected to generate 1.18 times more return on investment than China Express. However, Tsingtao Brewery is 1.18 times more volatile than China Express Airlines. It trades about 0.16 of its potential returns per unit of risk. China Express Airlines is currently generating about -0.1 per unit of risk. If you would invest 6,780 in Tsingtao Brewery Co on September 4, 2024 and sell it today you would earn a total of 559.00 from holding Tsingtao Brewery Co or generate 8.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Tsingtao Brewery Co vs. China Express Airlines
Performance |
| Timeline |
| Tsingtao Brewery |
| China Express Airlines |
Tsingtao Brewery and China Express Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tsingtao Brewery and China Express
The main advantage of trading using opposite Tsingtao Brewery and China Express positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tsingtao Brewery position performs unexpectedly, China Express 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 China Express will offset losses from the drop in China Express' long position.| Tsingtao Brewery vs. CITIC Guoan Information | Tsingtao Brewery vs. Xiamen Goldenhome Co | Tsingtao Brewery vs. Nanxing Furniture Machinery | Tsingtao Brewery vs. Longmaster Information Tech |
| China Express vs. DO Home Collection | China Express vs. TongFu Microelectronics Co | China Express vs. Shandong Homey Aquatic | China Express vs. Zoy Home Furnishing |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |