Correlation Between Hainan Airlines and Yili Chuanning
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By analyzing existing cross correlation between Hainan Airlines Co and Yili Chuanning Biotechnology, you can compare the effects of market volatilities on Hainan Airlines and Yili Chuanning 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 Yili Chuanning. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Airlines and Yili Chuanning.
Diversification Opportunities for Hainan Airlines and Yili Chuanning
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Hainan and Yili is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Airlines Co and Yili Chuanning Biotechnology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yili Chuanning Biote 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 Yili Chuanning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yili Chuanning Biote has no effect on the direction of Hainan Airlines i.e., Hainan Airlines and Yili Chuanning go up and down completely randomly.
Pair Corralation between Hainan Airlines and Yili Chuanning
Assuming the 90 days trading horizon Hainan Airlines Co is expected to generate 1.89 times more return on investment than Yili Chuanning. However, Hainan Airlines is 1.89 times more volatile than Yili Chuanning Biotechnology. It trades about 0.01 of its potential returns per unit of risk. Yili Chuanning Biotechnology is currently generating about -0.39 per unit of risk. If you would invest 30.00 in Hainan Airlines Co on October 16, 2024 and sell it today you would earn a total of 0.00 from holding Hainan Airlines Co or generate 0.0% 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. Yili Chuanning Biotechnology
Performance |
Timeline |
Hainan Airlines |
Yili Chuanning Biote |
Hainan Airlines and Yili Chuanning Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hainan Airlines and Yili Chuanning
The main advantage of trading using opposite Hainan Airlines and Yili Chuanning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Airlines position performs unexpectedly, Yili Chuanning 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 Yili Chuanning will offset losses from the drop in Yili Chuanning's long position.Hainan Airlines vs. Lootom Telcovideo Network | Hainan Airlines vs. Holitech Technology Co | Hainan Airlines vs. Zhejiang Kingland Pipeline | Hainan Airlines vs. Fujian Wanchen Biotechnology |
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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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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