Correlation Between China Aircraft and 88579YBD2
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By analyzing existing cross correlation between China Aircraft Leasing and 3M 4 percent, you can compare the effects of market volatilities on China Aircraft and 88579YBD2 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 China Aircraft with a short position of 88579YBD2. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Aircraft and 88579YBD2.
Diversification Opportunities for China Aircraft and 88579YBD2
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between China and 88579YBD2 is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding China Aircraft Leasing and 3M 4 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 3M 4 percent and China Aircraft 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 China Aircraft Leasing are associated (or correlated) with 88579YBD2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 3M 4 percent has no effect on the direction of China Aircraft i.e., China Aircraft and 88579YBD2 go up and down completely randomly.
Pair Corralation between China Aircraft and 88579YBD2
Assuming the 90 days horizon China Aircraft Leasing is expected to generate 0.99 times more return on investment than 88579YBD2. However, China Aircraft Leasing is 1.01 times less risky than 88579YBD2. It trades about -0.15 of its potential returns per unit of risk. 3M 4 percent is currently generating about -0.15 per unit of risk. If you would invest 43.00 in China Aircraft Leasing on September 13, 2024 and sell it today you would lose (3.00) from holding China Aircraft Leasing or give up 6.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
China Aircraft Leasing vs. 3M 4 percent
Performance |
| Timeline |
| China Aircraft Leasing |
| 3M 4 percent |
China Aircraft and 88579YBD2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Aircraft and 88579YBD2
The main advantage of trading using opposite China Aircraft and 88579YBD2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Aircraft position performs unexpectedly, 88579YBD2 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 88579YBD2 will offset losses from the drop in 88579YBD2's long position.| China Aircraft vs. BRP Inc | China Aircraft vs. Genfit | China Aircraft vs. Hasbro Inc | China Aircraft vs. JD Sports Fashion |
| 88579YBD2 vs. Analog Devices | 88579YBD2 vs. Yum Brands | 88579YBD2 vs. Rave Restaurant Group | 88579YBD2 vs. Arrow Electronics |
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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