Correlation Between Suzhou Mingzhi and China Eastern
Specify exactly 2 symbols:
By analyzing existing cross correlation between Suzhou Mingzhi Technology and China Eastern Airlines, you can compare the effects of market volatilities on Suzhou Mingzhi and China Eastern 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 Suzhou Mingzhi with a short position of China Eastern. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suzhou Mingzhi and China Eastern.
Diversification Opportunities for Suzhou Mingzhi and China Eastern
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Suzhou and China is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Suzhou Mingzhi Technology and China Eastern Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Eastern Airlines and Suzhou Mingzhi 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 Suzhou Mingzhi Technology are associated (or correlated) with China Eastern. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Eastern Airlines has no effect on the direction of Suzhou Mingzhi i.e., Suzhou Mingzhi and China Eastern go up and down completely randomly.
Pair Corralation between Suzhou Mingzhi and China Eastern
Assuming the 90 days trading horizon Suzhou Mingzhi Technology is expected to generate 1.65 times more return on investment than China Eastern. However, Suzhou Mingzhi is 1.65 times more volatile than China Eastern Airlines. It trades about 0.04 of its potential returns per unit of risk. China Eastern Airlines is currently generating about 0.04 per unit of risk. If you would invest 1,769 in Suzhou Mingzhi Technology on October 25, 2024 and sell it today you would earn a total of 86.00 from holding Suzhou Mingzhi Technology or generate 4.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
Suzhou Mingzhi Technology vs. China Eastern Airlines
Performance |
| Timeline |
| Suzhou Mingzhi Technology |
| China Eastern Airlines |
Suzhou Mingzhi and China Eastern Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suzhou Mingzhi and China Eastern
The main advantage of trading using opposite Suzhou Mingzhi and China Eastern positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suzhou Mingzhi position performs unexpectedly, China Eastern 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 China Eastern will offset losses from the drop in China Eastern's long position.| Suzhou Mingzhi vs. Kweichow Moutai Co | Suzhou Mingzhi vs. Contemporary Amperex Technology | Suzhou Mingzhi vs. Beijing Roborock Technology | Suzhou Mingzhi vs. BYD Co Ltd |
| China Eastern vs. Kweichow Moutai Co | China Eastern vs. Contemporary Amperex Technology | China Eastern vs. Beijing Roborock Technology | China Eastern vs. BYD Co Ltd |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |