Correlation Between Hugo Boss and China Eastern
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By analyzing existing cross correlation between Hugo Boss AG and China Eastern Airlines, you can compare the effects of market volatilities on Hugo Boss 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 Hugo Boss with a short position of China Eastern. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hugo Boss and China Eastern.
Diversification Opportunities for Hugo Boss and China Eastern
0.05 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Hugo and China is 0.05. Overlapping area represents the amount of risk that can be diversified away by holding Hugo Boss AG 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 Hugo Boss 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 Hugo Boss AG 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 Hugo Boss i.e., Hugo Boss and China Eastern go up and down completely randomly.
Pair Corralation between Hugo Boss and China Eastern
Assuming the 90 days trading horizon Hugo Boss AG is expected to under-perform the China Eastern. But the stock apears to be less risky and, when comparing its historical volatility, Hugo Boss AG is 1.87 times less risky than China Eastern. The stock trades about -0.12 of its potential returns per unit of risk. The China Eastern Airlines is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 31.00 in China Eastern Airlines on October 20, 2024 and sell it today you would earn a total of 1.00 from holding China Eastern Airlines or generate 3.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hugo Boss AG vs. China Eastern Airlines
Performance |
| Timeline |
| Hugo Boss AG |
| China Eastern Airlines |
Hugo Boss and China Eastern Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hugo Boss and China Eastern
The main advantage of trading using opposite Hugo Boss and China Eastern positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hugo Boss 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.| Hugo Boss vs. H M Hennes | Hugo Boss vs. H M Hennes | Hugo Boss vs. VF Corporation | Hugo Boss vs. Ralph Lauren |
| China Eastern vs. Delta Air Lines | China Eastern vs. Air China Limited | China Eastern vs. RYANAIR HLDGS ADR | China Eastern vs. Southwest 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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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