Correlation Between 701094AR5 and China Southern
Specify exactly 2 symbols:
By analyzing existing cross correlation between PH 425 15 SEP 27 and China Southern Airlines, you can compare the effects of market volatilities on 701094AR5 and China Southern 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 701094AR5 with a short position of China Southern. Check out your portfolio center. Please also check ongoing floating volatility patterns of 701094AR5 and China Southern.
Diversification Opportunities for 701094AR5 and China Southern
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between 701094AR5 and China is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding PH 425 15 SEP 27 and China Southern Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Southern Airlines and 701094AR5 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 PH 425 15 SEP 27 are associated (or correlated) with China Southern. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Southern Airlines has no effect on the direction of 701094AR5 i.e., 701094AR5 and China Southern go up and down completely randomly.
Pair Corralation between 701094AR5 and China Southern
Assuming the 90 days trading horizon PH 425 15 SEP 27 is expected to generate 0.26 times more return on investment than China Southern. However, PH 425 15 SEP 27 is 3.85 times less risky than China Southern. It trades about -0.21 of its potential returns per unit of risk. China Southern Airlines is currently generating about -0.25 per unit of risk. If you would invest 9,881 in PH 425 15 SEP 27 on October 24, 2024 and sell it today you would lose (370.00) from holding PH 425 15 SEP 27 or give up 3.74% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
PH 425 15 SEP 27 vs. China Southern Airlines
Performance |
| Timeline |
| PH 425 15 |
| China Southern Airlines |
701094AR5 and China Southern Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 701094AR5 and China Southern
The main advantage of trading using opposite 701094AR5 and China Southern positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 701094AR5 position performs unexpectedly, China Southern 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 Southern will offset losses from the drop in China Southern's long position.| 701094AR5 vs. SNDL Inc | 701094AR5 vs. Kingboard Chemical Holdings | 701094AR5 vs. CF Industries Holdings | 701094AR5 vs. Celsius Holdings |
| China Southern vs. Cebu Air | China Southern vs. Finnair Oyj | China Southern vs. easyJet plc | China Southern vs. Norse Atlantic ASA |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |