Correlation Between Eastroc Beverage and Hainan HNA
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By analyzing existing cross correlation between Eastroc Beverage Group and Hainan HNA Infrastructure, you can compare the effects of market volatilities on Eastroc Beverage and Hainan HNA 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 Eastroc Beverage with a short position of Hainan HNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastroc Beverage and Hainan HNA.
Diversification Opportunities for Eastroc Beverage and Hainan HNA
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eastroc and Hainan is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Eastroc Beverage Group and Hainan HNA Infrastructure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan HNA Infrastructure and Eastroc Beverage 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 Eastroc Beverage Group are associated (or correlated) with Hainan HNA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan HNA Infrastructure has no effect on the direction of Eastroc Beverage i.e., Eastroc Beverage and Hainan HNA go up and down completely randomly.
Pair Corralation between Eastroc Beverage and Hainan HNA
Assuming the 90 days trading horizon Eastroc Beverage Group is expected to generate 1.08 times more return on investment than Hainan HNA. However, Eastroc Beverage is 1.08 times more volatile than Hainan HNA Infrastructure. It trades about 0.08 of its potential returns per unit of risk. Hainan HNA Infrastructure is currently generating about -0.03 per unit of risk. If you would invest 13,220 in Eastroc Beverage Group on October 16, 2024 and sell it today you would earn a total of 13,481 from holding Eastroc Beverage Group or generate 101.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eastroc Beverage Group vs. Hainan HNA Infrastructure
Performance |
| Timeline |
| Eastroc Beverage |
| Hainan HNA Infrastructure |
Eastroc Beverage and Hainan HNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastroc Beverage and Hainan HNA
The main advantage of trading using opposite Eastroc Beverage and Hainan HNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastroc Beverage position performs unexpectedly, Hainan HNA 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 HNA will offset losses from the drop in Hainan HNA's long position.| Eastroc Beverage vs. Easyhome New Retail | Eastroc Beverage vs. Guizhou BroadcastingTV Info | Eastroc Beverage vs. Shaanxi Broadcast TV | Eastroc Beverage vs. Sunny Loan Top |
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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