Correlation Between MayAir Technology and Eastern Air
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By analyzing existing cross correlation between MayAir Technology Co and Eastern Air Logistics, you can compare the effects of market volatilities on MayAir Technology and Eastern Air 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 MayAir Technology with a short position of Eastern Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of MayAir Technology and Eastern Air.
Diversification Opportunities for MayAir Technology and Eastern Air
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between MayAir and Eastern is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding MayAir Technology Co and Eastern Air Logistics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Eastern Air Logistics and MayAir Technology 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 MayAir Technology Co are associated (or correlated) with Eastern Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Eastern Air Logistics has no effect on the direction of MayAir Technology i.e., MayAir Technology and Eastern Air go up and down completely randomly.
Pair Corralation between MayAir Technology and Eastern Air
Assuming the 90 days trading horizon MayAir Technology Co is expected to generate 2.25 times more return on investment than Eastern Air. However, MayAir Technology is 2.25 times more volatile than Eastern Air Logistics. It trades about -0.08 of its potential returns per unit of risk. Eastern Air Logistics is currently generating about -0.27 per unit of risk. If you would invest 3,959 in MayAir Technology Co on August 29, 2024 and sell it today you would lose (349.00) from holding MayAir Technology Co or give up 8.82% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
MayAir Technology Co vs. Eastern Air Logistics
Performance |
| Timeline |
| MayAir Technology |
| Eastern Air Logistics |
MayAir Technology and Eastern Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with MayAir Technology and Eastern Air
The main advantage of trading using opposite MayAir Technology and Eastern Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MayAir Technology position performs unexpectedly, Eastern Air 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 Eastern Air will offset losses from the drop in Eastern Air's long position.| MayAir Technology vs. Kweichow Moutai Co | MayAir Technology vs. Shenzhen Mindray Bio Medical | MayAir Technology vs. G bits Network Technology | MayAir Technology vs. Shenzhen Transsion Holdings |
| Eastern Air vs. Ningbo Bohui Chemical | Eastern Air vs. Hangzhou Pinming Software | Eastern Air vs. Nantong Jiangshan Agrochemical | Eastern Air vs. Ningxia Younglight Chemicals |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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