Correlation Between Spring Airlines and Anhui Shiny
Specify exactly 2 symbols:
By analyzing existing cross correlation between Spring Airlines Co and Anhui Shiny Electronic, you can compare the effects of market volatilities on Spring Airlines and Anhui Shiny 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 Anhui Shiny. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spring Airlines and Anhui Shiny.
Diversification Opportunities for Spring Airlines and Anhui Shiny
-0.49 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Spring and Anhui is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding Spring Airlines Co and Anhui Shiny Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Shiny Electronic 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 Anhui Shiny. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Shiny Electronic has no effect on the direction of Spring Airlines i.e., Spring Airlines and Anhui Shiny go up and down completely randomly.
Pair Corralation between Spring Airlines and Anhui Shiny
Assuming the 90 days trading horizon Spring Airlines Co is expected to under-perform the Anhui Shiny. But the stock apears to be less risky and, when comparing its historical volatility, Spring Airlines Co is 2.54 times less risky than Anhui Shiny. The stock trades about -0.12 of its potential returns per unit of risk. The Anhui Shiny Electronic is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 2,126 in Anhui Shiny Electronic on November 4, 2024 and sell it today you would lose (42.00) from holding Anhui Shiny Electronic or give up 1.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Spring Airlines Co vs. Anhui Shiny Electronic
Performance |
| Timeline |
| Spring Airlines |
| Anhui Shiny Electronic |
Spring Airlines and Anhui Shiny Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spring Airlines and Anhui Shiny
The main advantage of trading using opposite Spring Airlines and Anhui Shiny positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spring Airlines position performs unexpectedly, Anhui Shiny 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 Anhui Shiny will offset losses from the drop in Anhui Shiny'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 |
| Anhui Shiny vs. Guocheng Mining Co | Anhui Shiny vs. Zhejiang Zhengguang Industrial | Anhui Shiny vs. JCHX Mining Management | Anhui Shiny vs. Pengxin International Mining |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |