Correlation Between Xinya Electronic and Air China
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By analyzing existing cross correlation between Xinya Electronic Co and Air China Ltd, you can compare the effects of market volatilities on Xinya Electronic and Air China 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 Xinya Electronic with a short position of Air China. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinya Electronic and Air China.
Diversification Opportunities for Xinya Electronic and Air China
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Xinya and Air is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Xinya Electronic Co and Air China Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Air China and Xinya Electronic 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 Xinya Electronic Co are associated (or correlated) with Air China. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Air China has no effect on the direction of Xinya Electronic i.e., Xinya Electronic and Air China go up and down completely randomly.
Pair Corralation between Xinya Electronic and Air China
If you would invest 0.00 in Xinya Electronic Co on October 30, 2024 and sell it today you would earn a total of 0.00 from holding Xinya Electronic Co or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 2.44% |
| Values | Daily Returns |
Xinya Electronic Co vs. Air China Ltd
Performance |
| Timeline |
| Xinya Electronic |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Air China |
Xinya Electronic and Air China Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xinya Electronic and Air China
The main advantage of trading using opposite Xinya Electronic and Air China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinya Electronic position performs unexpectedly, Air China 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 Air China will offset losses from the drop in Air China's long position.| Xinya Electronic vs. Union Semiconductor Co | Xinya Electronic vs. Shandong Publishing Media | Xinya Electronic vs. GUOMAI Culture Media | Xinya Electronic vs. Thinkingdom Media Group |
| Air China vs. Innovative Medical Management | Air China vs. Sichuan Yahua Industrial | Air China vs. Hainan Airlines Co | Air China vs. CICC Fund Management |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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