Correlation Between Singapore Airlines and JIAHUA STORES
Can any of the company-specific risk be diversified away by investing in both Singapore Airlines and JIAHUA STORES at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Singapore Airlines and JIAHUA STORES into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Singapore Airlines Limited and JIAHUA STORES, you can compare the effects of market volatilities on Singapore Airlines and JIAHUA STORES 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 Singapore Airlines with a short position of JIAHUA STORES. Check out your portfolio center. Please also check ongoing floating volatility patterns of Singapore Airlines and JIAHUA STORES.
Diversification Opportunities for Singapore Airlines and JIAHUA STORES
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Singapore and JIAHUA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Singapore Airlines Limited and JIAHUA STORES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JIAHUA STORES and Singapore 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 Singapore Airlines Limited are associated (or correlated) with JIAHUA STORES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JIAHUA STORES has no effect on the direction of Singapore Airlines i.e., Singapore Airlines and JIAHUA STORES go up and down completely randomly.
Pair Corralation between Singapore Airlines and JIAHUA STORES
If you would invest 1.90 in JIAHUA STORES on November 1, 2024 and sell it today you would earn a total of 0.00 from holding JIAHUA STORES or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Singapore Airlines Limited vs. JIAHUA STORES
Performance |
| Timeline |
| Singapore Airlines |
| JIAHUA STORES |
Singapore Airlines and JIAHUA STORES Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Singapore Airlines and JIAHUA STORES
The main advantage of trading using opposite Singapore Airlines and JIAHUA STORES positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Singapore Airlines position performs unexpectedly, JIAHUA STORES 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 JIAHUA STORES will offset losses from the drop in JIAHUA STORES's long position.| Singapore Airlines vs. NorAm Drilling AS | Singapore Airlines vs. TRI CHEMICAL LABORATINC | Singapore Airlines vs. AIR LIQUIDE ADR | Singapore Airlines vs. Westinghouse Air Brake |
| JIAHUA STORES vs. Singapore Airlines Limited | JIAHUA STORES vs. United Airlines Holdings | JIAHUA STORES vs. Synchrony Financial | JIAHUA STORES vs. S E BANKEN A |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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