Correlation Between Hainan Airlines and Sihui Fuji
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By analyzing existing cross correlation between Hainan Airlines Co and Sihui Fuji Electronics, you can compare the effects of market volatilities on Hainan Airlines and Sihui Fuji 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 Sihui Fuji. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Airlines and Sihui Fuji.
Diversification Opportunities for Hainan Airlines and Sihui Fuji
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Hainan and Sihui is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Airlines Co and Sihui Fuji Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sihui Fuji Electronics 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 Sihui Fuji. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sihui Fuji Electronics has no effect on the direction of Hainan Airlines i.e., Hainan Airlines and Sihui Fuji go up and down completely randomly.
Pair Corralation between Hainan Airlines and Sihui Fuji
Assuming the 90 days trading horizon Hainan Airlines Co is expected to under-perform the Sihui Fuji. But the stock apears to be less risky and, when comparing its historical volatility, Hainan Airlines Co is 1.45 times less risky than Sihui Fuji. The stock trades about -0.09 of its potential returns per unit of risk. The Sihui Fuji Electronics is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 2,840 in Sihui Fuji Electronics on October 29, 2024 and sell it today you would earn a total of 230.00 from holding Sihui Fuji Electronics or generate 8.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Hainan Airlines Co vs. Sihui Fuji Electronics
Performance |
| Timeline |
| Hainan Airlines |
| Sihui Fuji Electronics |
Hainan Airlines and Sihui Fuji Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hainan Airlines and Sihui Fuji
The main advantage of trading using opposite Hainan Airlines and Sihui Fuji positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Airlines position performs unexpectedly, Sihui Fuji 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 Sihui Fuji will offset losses from the drop in Sihui Fuji's long position.| Hainan Airlines vs. Healthcare Co | Hainan Airlines vs. Masterwork Machinery | Hainan Airlines vs. Lotus Health Group | Hainan Airlines vs. Allied Machinery Co |
| Sihui Fuji vs. Jiugui Liquor Co | Sihui Fuji vs. Beijing Kingsoft Office | Sihui Fuji vs. Shandong Hi Speed RoadBridge | Sihui Fuji vs. Hainan Airlines Co |
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 Directory module to find actively traded commodities issued by global exchanges.
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