Correlation Between Hygon Information and Spring Airlines
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By analyzing existing cross correlation between Hygon Information Technology and Spring Airlines Co, you can compare the effects of market volatilities on Hygon Information and Spring 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 Hygon Information with a short position of Spring Airlines. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hygon Information and Spring Airlines.
Diversification Opportunities for Hygon Information and Spring Airlines
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hygon and Spring is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Hygon Information Technology and Spring Airlines Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Spring Airlines and Hygon Information 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 Hygon Information Technology are associated (or correlated) with Spring Airlines. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Spring Airlines has no effect on the direction of Hygon Information i.e., Hygon Information and Spring Airlines go up and down completely randomly.
Pair Corralation between Hygon Information and Spring Airlines
Assuming the 90 days trading horizon Hygon Information Technology is expected to under-perform the Spring Airlines. In addition to that, Hygon Information is 2.19 times more volatile than Spring Airlines Co. It trades about -0.23 of its total potential returns per unit of risk. Spring Airlines Co is currently generating about -0.2 per unit of volatility. If you would invest 5,790 in Spring Airlines Co on October 30, 2024 and sell it today you would lose (392.00) from holding Spring Airlines Co or give up 6.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hygon Information Technology vs. Spring Airlines Co
Performance |
| Timeline |
| Hygon Information |
| Spring Airlines |
Hygon Information and Spring Airlines Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hygon Information and Spring Airlines
The main advantage of trading using opposite Hygon Information and Spring Airlines positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hygon Information position performs unexpectedly, Spring 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 Spring Airlines will offset losses from the drop in Spring Airlines' long position.| Hygon Information vs. Agricultural Bank of | Hygon Information vs. Industrial and Commercial | Hygon Information vs. Bank of China | Hygon Information vs. China Construction Bank |
| Spring Airlines vs. Elite Color Environmental | Spring Airlines vs. Dynagreen Environmental Protection | Spring Airlines vs. Qiaoyin Environmental Tech | Spring Airlines vs. Sinocat Environmental Technology |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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