Correlation Between Yinhang Internet and Air France-KLM
Can any of the company-specific risk be diversified away by investing in both Yinhang Internet and Air France-KLM 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 Yinhang Internet and Air France-KLM into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Yinhang Internet Technologies and Air France KLM SA, you can compare the effects of market volatilities on Yinhang Internet and Air France-KLM 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 Yinhang Internet with a short position of Air France-KLM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yinhang Internet and Air France-KLM.
Diversification Opportunities for Yinhang Internet and Air France-KLM
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Yinhang and Air is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Yinhang Internet Technologies and Air France KLM SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Air France KLM and Yinhang Internet 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 Yinhang Internet Technologies are associated (or correlated) with Air France-KLM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Air France KLM has no effect on the direction of Yinhang Internet i.e., Yinhang Internet and Air France-KLM go up and down completely randomly.
Pair Corralation between Yinhang Internet and Air France-KLM
If you would invest 0.09 in Yinhang Internet Technologies on January 25, 2024 and sell it today you would earn a total of 0.00 from holding Yinhang Internet Technologies or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 97.62% |
Values | Daily Returns |
Yinhang Internet Technologies vs. Air France KLM SA
Performance |
Timeline |
Yinhang Internet Tec |
Air France KLM |
Yinhang Internet and Air France-KLM Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Yinhang Internet and Air France-KLM
The main advantage of trading using opposite Yinhang Internet and Air France-KLM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yinhang Internet position performs unexpectedly, Air France-KLM 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 Air France-KLM will offset losses from the drop in Air France-KLM's long position.Yinhang Internet vs. Twilio Inc | Yinhang Internet vs. Snap Inc | Yinhang Internet vs. Alphabet Inc Class A | Yinhang Internet vs. Pinterest |
Air France-KLM vs. Deutsche Lufthansa AG | Air France-KLM vs. Air France KLM | Air France-KLM vs. Sun Country Airlines | Air France-KLM vs. AirAsia Group Berhad |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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