Correlation Between Spring Airlines and Zhejiang JIULI
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By analyzing existing cross correlation between Spring Airlines Co and Zhejiang JIULI Hi tech, you can compare the effects of market volatilities on Spring Airlines and Zhejiang JIULI 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 Spring Airlines with a short position of Zhejiang JIULI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spring Airlines and Zhejiang JIULI.
Diversification Opportunities for Spring Airlines and Zhejiang JIULI
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Spring and Zhejiang is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Spring Airlines Co and Zhejiang JIULI Hi tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhejiang JIULI Hi and Spring 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 Spring Airlines Co are associated (or correlated) with Zhejiang JIULI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhejiang JIULI Hi has no effect on the direction of Spring Airlines i.e., Spring Airlines and Zhejiang JIULI go up and down completely randomly.
Pair Corralation between Spring Airlines and Zhejiang JIULI
Assuming the 90 days trading horizon Spring Airlines Co is expected to under-perform the Zhejiang JIULI. In addition to that, Spring Airlines is 1.84 times more volatile than Zhejiang JIULI Hi tech. It trades about -0.12 of its total potential returns per unit of risk. Zhejiang JIULI Hi tech is currently generating about 0.54 per unit of volatility. If you would invest 2,274 in Zhejiang JIULI Hi tech on November 4, 2024 and sell it today you would earn a total of 206.00 from holding Zhejiang JIULI Hi tech or generate 9.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Spring Airlines Co vs. Zhejiang JIULI Hi tech
Performance |
| Timeline |
| Spring Airlines |
| Zhejiang JIULI Hi |
Spring Airlines and Zhejiang JIULI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spring Airlines and Zhejiang JIULI
The main advantage of trading using opposite Spring Airlines and Zhejiang JIULI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spring Airlines position performs unexpectedly, Zhejiang JIULI 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 Zhejiang JIULI will offset losses from the drop in Zhejiang JIULI's long position.| Spring Airlines vs. CICC Fund Management | Spring Airlines vs. Shanghai Yaoji Playing | Spring Airlines vs. Harvest Fund Management | Spring Airlines vs. Lootom Telcovideo Network |
| Zhejiang JIULI vs. Dingli Communications Corp | Zhejiang JIULI vs. CICT Mobile Communication | Zhejiang JIULI vs. Fujian Boss Software | Zhejiang JIULI vs. Nanjing Putian Telecommunications |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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