Correlation Between SINGAPORE AIRLINES and Wenzhou Kangning
Can any of the company-specific risk be diversified away by investing in both SINGAPORE AIRLINES and Wenzhou Kangning 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 Wenzhou Kangning into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SINGAPORE AIRLINES and Wenzhou Kangning Hospital, you can compare the effects of market volatilities on SINGAPORE AIRLINES and Wenzhou Kangning 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 Wenzhou Kangning. Check out your portfolio center. Please also check ongoing floating volatility patterns of SINGAPORE AIRLINES and Wenzhou Kangning.
Diversification Opportunities for SINGAPORE AIRLINES and Wenzhou Kangning
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between SINGAPORE and Wenzhou is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding SINGAPORE AIRLINES and Wenzhou Kangning Hospital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wenzhou Kangning Hospital 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 are associated (or correlated) with Wenzhou Kangning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wenzhou Kangning Hospital has no effect on the direction of SINGAPORE AIRLINES i.e., SINGAPORE AIRLINES and Wenzhou Kangning go up and down completely randomly.
Pair Corralation between SINGAPORE AIRLINES and Wenzhou Kangning
Assuming the 90 days trading horizon SINGAPORE AIRLINES is expected to generate 0.45 times more return on investment than Wenzhou Kangning. However, SINGAPORE AIRLINES is 2.21 times less risky than Wenzhou Kangning. It trades about 0.0 of its potential returns per unit of risk. Wenzhou Kangning Hospital is currently generating about -0.01 per unit of risk. If you would invest 434.00 in SINGAPORE AIRLINES on September 3, 2025 and sell it today you would lose (8.00) from holding SINGAPORE AIRLINES or give up 1.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SINGAPORE AIRLINES vs. Wenzhou Kangning Hospital
Performance |
| Timeline |
| SINGAPORE AIRLINES |
| Wenzhou Kangning Hospital |
SINGAPORE AIRLINES and Wenzhou Kangning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SINGAPORE AIRLINES and Wenzhou Kangning
The main advantage of trading using opposite SINGAPORE AIRLINES and Wenzhou Kangning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SINGAPORE AIRLINES position performs unexpectedly, Wenzhou Kangning 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 Wenzhou Kangning will offset losses from the drop in Wenzhou Kangning's long position.| SINGAPORE AIRLINES vs. EVS Broadcast Equipment | SINGAPORE AIRLINES vs. GEAR4MUSIC LS 10 | SINGAPORE AIRLINES vs. Astral Foods Limited | SINGAPORE AIRLINES vs. Monster Beverage Corp |
| Wenzhou Kangning vs. GEAR4MUSIC LS 10 | Wenzhou Kangning vs. Warner Music Group | Wenzhou Kangning vs. United Airlines Holdings | Wenzhou Kangning vs. SINGAPORE AIRLINES |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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