Correlation Between HeBei Jinniu and Spring Airlines
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By analyzing existing cross correlation between HeBei Jinniu Chemical and Spring Airlines Co, you can compare the effects of market volatilities on HeBei Jinniu and Spring 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 HeBei Jinniu with a short position of Spring Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of HeBei Jinniu and Spring Airlines.
Diversification Opportunities for HeBei Jinniu and Spring Airlines
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between HeBei and Spring is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding HeBei Jinniu Chemical and Spring Airlines Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Spring Airlines and HeBei Jinniu 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 HeBei Jinniu Chemical are associated (or correlated) with Spring Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Spring Airlines has no effect on the direction of HeBei Jinniu i.e., HeBei Jinniu and Spring Airlines go up and down completely randomly.
Pair Corralation between HeBei Jinniu and Spring Airlines
Assuming the 90 days trading horizon HeBei Jinniu Chemical is expected to generate 2.12 times more return on investment than Spring Airlines. However, HeBei Jinniu is 2.12 times more volatile than Spring Airlines Co. It trades about 0.15 of its potential returns per unit of risk. Spring Airlines Co is currently generating about -0.2 per unit of risk. If you would invest 489.00 in HeBei Jinniu Chemical on October 28, 2024 and sell it today you would earn a total of 50.00 from holding HeBei Jinniu Chemical or generate 10.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HeBei Jinniu Chemical vs. Spring Airlines Co
Performance |
| Timeline |
| HeBei Jinniu Chemical |
| Spring Airlines |
HeBei Jinniu and Spring Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HeBei Jinniu and Spring Airlines
The main advantage of trading using opposite HeBei Jinniu and Spring Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HeBei Jinniu position performs unexpectedly, Spring 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 Spring Airlines will offset losses from the drop in Spring Airlines' long position.| HeBei Jinniu vs. Zijin Mining Group | HeBei Jinniu vs. Wanhua Chemical Group | HeBei Jinniu vs. Baoshan Iron Steel | HeBei Jinniu vs. Shandong Gold Mining |
| Spring Airlines vs. GRIPM Advanced Materials | Spring Airlines vs. Qingdao Foods Co | Spring Airlines vs. Suzhou Xingye Material | Spring Airlines vs. Eastroc Beverage Group |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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