Correlation Between Hainan Airlines and Do Fluoride
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By analyzing existing cross correlation between Hainan Airlines Co and Do Fluoride Chemicals Co, you can compare the effects of market volatilities on Hainan Airlines and Do Fluoride 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 Hainan Airlines with a short position of Do Fluoride. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Airlines and Do Fluoride.
Diversification Opportunities for Hainan Airlines and Do Fluoride
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hainan and 002407 is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Airlines Co and Do Fluoride Chemicals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Do Fluoride Chemicals and Hainan Airlines 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 Hainan Airlines Co are associated (or correlated) with Do Fluoride. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Do Fluoride Chemicals has no effect on the direction of Hainan Airlines i.e., Hainan Airlines and Do Fluoride go up and down completely randomly.
Pair Corralation between Hainan Airlines and Do Fluoride
Assuming the 90 days trading horizon Hainan Airlines Co is expected to generate 1.7 times more return on investment than Do Fluoride. However, Hainan Airlines is 1.7 times more volatile than Do Fluoride Chemicals Co. It trades about 0.09 of its potential returns per unit of risk. Do Fluoride Chemicals Co is currently generating about -0.2 per unit of risk. If you would invest 29.00 in Hainan Airlines Co on October 30, 2024 and sell it today you would earn a total of 3.00 from holding Hainan Airlines Co or generate 10.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hainan Airlines Co vs. Do Fluoride Chemicals Co
Performance |
| Timeline |
| Hainan Airlines |
| Do Fluoride Chemicals |
Hainan Airlines and Do Fluoride Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Airlines and Do Fluoride
The main advantage of trading using opposite Hainan Airlines and Do Fluoride positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Airlines position performs unexpectedly, Do Fluoride 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 Do Fluoride will offset losses from the drop in Do Fluoride's long position.| Hainan Airlines vs. Eyebright Medical Technology | Hainan Airlines vs. Cowealth Medical China | Hainan Airlines vs. Sihui Fuji Electronics | Hainan Airlines vs. Kontour Medical Technology |
| Do Fluoride vs. Zijin Mining Group | Do Fluoride vs. Wanhua Chemical Group | Do Fluoride vs. Baoshan Iron Steel | Do Fluoride vs. Shandong Gold Mining |
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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