Correlation Between Air China and Jiangsu Bioperfectus
Specify exactly 2 symbols:
By analyzing existing cross correlation between Air China Ltd and Jiangsu Bioperfectus Technologies, you can compare the effects of market volatilities on Air China and Jiangsu Bioperfectus 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 Air China with a short position of Jiangsu Bioperfectus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Air China and Jiangsu Bioperfectus.
Diversification Opportunities for Air China and Jiangsu Bioperfectus
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Air and Jiangsu is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Air China Ltd and Jiangsu Bioperfectus Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Bioperfectus and Air China 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 Air China Ltd are associated (or correlated) with Jiangsu Bioperfectus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Bioperfectus has no effect on the direction of Air China i.e., Air China and Jiangsu Bioperfectus go up and down completely randomly.
Pair Corralation between Air China and Jiangsu Bioperfectus
Assuming the 90 days trading horizon Air China Ltd is expected to generate 0.6 times more return on investment than Jiangsu Bioperfectus. However, Air China Ltd is 1.66 times less risky than Jiangsu Bioperfectus. It trades about 0.43 of its potential returns per unit of risk. Jiangsu Bioperfectus Technologies is currently generating about -0.15 per unit of risk. If you would invest 715.00 in Air China Ltd on August 31, 2024 and sell it today you would earn a total of 121.00 from holding Air China Ltd or generate 16.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Air China Ltd vs. Jiangsu Bioperfectus Technolog
Performance |
| Timeline |
| Air China |
| Jiangsu Bioperfectus |
Air China and Jiangsu Bioperfectus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Air China and Jiangsu Bioperfectus
The main advantage of trading using opposite Air China and Jiangsu Bioperfectus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Air China position performs unexpectedly, Jiangsu Bioperfectus 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 Jiangsu Bioperfectus will offset losses from the drop in Jiangsu Bioperfectus' long position.| Air China vs. Cultural Investment Holdings | Air China vs. Gome Telecom Equipment | Air China vs. Bus Online Co | Air China vs. Holitech Technology Co |
| Jiangsu Bioperfectus vs. Fujian Boss Software | Jiangsu Bioperfectus vs. Shanghai Metersbonwe FashionAccessories | Jiangsu Bioperfectus vs. Ping An Insurance | Jiangsu Bioperfectus vs. Yindu Kitchen Equipment |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance |