Correlation Between Hainan Meilan and Bakkt Holdings

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Can any of the company-specific risk be diversified away by investing in both Hainan Meilan and Bakkt Holdings 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 Hainan Meilan and Bakkt Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hainan Meilan International and Bakkt Holdings, you can compare the effects of market volatilities on Hainan Meilan and Bakkt Holdings 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 Hainan Meilan with a short position of Bakkt Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hainan Meilan and Bakkt Holdings.

Diversification Opportunities for Hainan Meilan and Bakkt Holdings

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Hainan and Bakkt is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hainan Meilan International and Bakkt Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bakkt Holdings and Hainan Meilan 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 Hainan Meilan International are associated (or correlated) with Bakkt Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bakkt Holdings has no effect on the direction of Hainan Meilan i.e., Hainan Meilan and Bakkt Holdings go up and down completely randomly.

Pair Corralation between Hainan Meilan and Bakkt Holdings

If you would invest  265.00  in Hainan Meilan International on September 7, 2022 and sell it today you would earn a total of  0.00  from holding Hainan Meilan International or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Hainan Meilan International  vs.  Bakkt Holdings

 Performance (%) 
       Timeline  
Hainan Meilan Intern 
Hainan Performance
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Over the last 90 days Hainan Meilan International has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, Hainan Meilan is not utilizing all of its potentials. The latest stock price tumult, may contribute to shorter-term losses for the shareholders.

Hainan Price Channel

Bakkt Holdings 
Bakkt Performance
0 of 100
Over the last 90 days Bakkt Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's forward-looking signals remain comparatively stable which may send shares a bit higher in January 2023. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.

Bakkt Price Channel

Hainan Meilan and Bakkt Holdings Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Hainan Meilan and Bakkt Holdings

The main advantage of trading using opposite Hainan Meilan and Bakkt Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hainan Meilan position performs unexpectedly, Bakkt Holdings 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 Bakkt Holdings will offset losses from the drop in Bakkt Holdings' long position.
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The idea behind Hainan Meilan International and Bakkt Holdings pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 ETF Directory module to find actively traded Exchange Traded Funds (ETF) from around the world.

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