Correlation Analysis Between Hawaiian Holdings and China Eastern

This module allows you to analyze existing cross correlation between Hawaiian Holdings and China Eastern Airlines Corporat. You can compare the effects of market volatilities on Hawaiian Holdings 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 Hawaiian Holdings with a short position of China Eastern. See also your portfolio center. Please also check ongoing floating volatility patterns of Hawaiian Holdings and China Eastern.
Horizon     30 Days    Login   to change
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Comparative Performance

Hawaiian Holdings  
33

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hawaiian Holdings are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days. Despite somewhat sluggish basic indicators, Hawaiian Holdings may actually be approaching a critical reversion point that can send shares even higher in November 2019.
China Eastern Airlines  
00

Risk-Adjusted Performance

Over the last 30 days China Eastern Airlines Corporat has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.

Hawaiian Holdings and China Eastern Volatility Contrast

 Predicted Return Density 
      Returns 

Hawaiian Holdings Inc  vs.  China Eastern Airlines Corpora

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Hawaiian Holdings is expected to generate 1.22 times more return on investment than China Eastern. However, Hawaiian Holdings is 1.22 times more volatile than China Eastern Airlines Corporat. It trades about 0.05 of its potential returns per unit of risk. China Eastern Airlines Corporat is currently generating about -0.08 per unit of risk. If you would invest  2,683  in Hawaiian Holdings on September 20, 2019 and sell it today you would earn a total of  159.00  from holding Hawaiian Holdings or generate 5.93% return on investment over 30 days.

Pair Corralation between Hawaiian Holdings and China Eastern

0.41
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Hawaiian Holdings and China Eastern

Hawaiian Holdings Inc diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Hawaiian Holdings Inc and China Eastern Airlines Corpora in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on China Eastern Airlines and Hawaiian Holdings 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 Hawaiian Holdings 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 Hawaiian Holdings i.e. Hawaiian Holdings and China Eastern go up and down completely randomly.
See also your portfolio center. Please also try Pattern Recognition module to use different pattern recognition models to time the market across multiple global exchanges.


 
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