Correlation Between Jiangsu Xinri and Hainan Airlines
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By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and Hainan Airlines Co, you can compare the effects of market volatilities on Jiangsu Xinri and Hainan 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 Jiangsu Xinri with a short position of Hainan Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and Hainan Airlines.
Diversification Opportunities for Jiangsu Xinri and Hainan Airlines
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jiangsu and Hainan is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and Hainan Airlines Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Airlines and Jiangsu Xinri 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 Jiangsu Xinri E Vehicle are associated (or correlated) with Hainan Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Airlines has no effect on the direction of Jiangsu Xinri i.e., Jiangsu Xinri and Hainan Airlines go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and Hainan Airlines
Assuming the 90 days trading horizon Jiangsu Xinri E Vehicle is expected to under-perform the Hainan Airlines. In addition to that, Jiangsu Xinri is 1.17 times more volatile than Hainan Airlines Co. It trades about 0.0 of its total potential returns per unit of risk. Hainan Airlines Co is currently generating about 0.05 per unit of volatility. If you would invest 147.00 in Hainan Airlines Co on September 14, 2024 and sell it today you would earn a total of 46.00 from holding Hainan Airlines Co or generate 31.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. Hainan Airlines Co
Performance |
| Timeline |
| Jiangsu Xinri E |
| Hainan Airlines |
Jiangsu Xinri and Hainan Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Xinri and Hainan Airlines
The main advantage of trading using opposite Jiangsu Xinri and Hainan Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri position performs unexpectedly, Hainan 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 Hainan Airlines will offset losses from the drop in Hainan Airlines' long position.| Jiangsu Xinri vs. Chengdu Xinzhu RoadBridge | Jiangsu Xinri vs. Hubeiyichang Transportation Group | Jiangsu Xinri vs. Guizhou BroadcastingTV Info | Jiangsu Xinri vs. Postal Savings Bank |
| Hainan Airlines vs. Anhui Jianghuai Automobile | Hainan Airlines vs. Linewell Software Co | Hainan Airlines vs. Ningbo Fangzheng Automobile | Hainan Airlines vs. Jiangsu Xinri E Vehicle |
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.
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