Correlation Between Salesforce and Hainan HNA
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By analyzing existing cross correlation between Salesforce and Hainan HNA Infrastructure, you can compare the effects of market volatilities on Salesforce and Hainan HNA 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 Salesforce with a short position of Hainan HNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Salesforce and Hainan HNA.
Diversification Opportunities for Salesforce and Hainan HNA
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Salesforce and Hainan is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Salesforce and Hainan HNA Infrastructure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan HNA Infrastructure and Salesforce 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 Salesforce are associated (or correlated) with Hainan HNA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan HNA Infrastructure has no effect on the direction of Salesforce i.e., Salesforce and Hainan HNA go up and down completely randomly.
Pair Corralation between Salesforce and Hainan HNA
Considering the 90-day investment horizon Salesforce is expected to generate 1.14 times more return on investment than Hainan HNA. However, Salesforce is 1.14 times more volatile than Hainan HNA Infrastructure. It trades about 0.05 of its potential returns per unit of risk. Hainan HNA Infrastructure is currently generating about 0.03 per unit of risk. If you would invest 27,985 in Salesforce on August 28, 2024 and sell it today you would earn a total of 5,926 from holding Salesforce or generate 21.18% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 93.3% |
| Values | Daily Returns |
Salesforce vs. Hainan HNA Infrastructure
Performance |
| Timeline |
| Salesforce |
| Hainan HNA Infrastructure |
Salesforce and Hainan HNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Salesforce and Hainan HNA
The main advantage of trading using opposite Salesforce and Hainan HNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Salesforce position performs unexpectedly, Hainan HNA 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 Hainan HNA will offset losses from the drop in Hainan HNA's long position.| Salesforce vs. Zoom Video Communications | Salesforce vs. C3 Ai Inc | Salesforce vs. Shopify | Salesforce vs. Workday |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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