AIR CHINA Correlations

AD2B Stock

EUR 11.90 0.10 0.85%

The current 90-days correlation between AIR CHINA LTD and CapitaLand Investment Limited is 0.17 (i.e., Average diversification). The correlation of AIR CHINA is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

AIR CHINA Correlation With Market

Modest diversification

The correlation between AIR CHINA LTD and DJI is 0.23 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding AIR CHINA LTD and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to AIR CHINA could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace AIR CHINA when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back AIR CHINA - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling AIR CHINA LTD to buy it.

Moving together with AIR Stock

0.97	AD2	Air China Limited Earnings Call This Week	Pair Corr
0.72	ZNHH	China Southern Airlines Earnings Call This Week	Pair Corr

Moving against AIR Stock

0.66	2WGA	WOORI FIN GRP	Pair Corr
0.55	HY9H	SK hynix	Pair Corr
0.53	SSU	Samsung Electronics	Pair Corr
0.53	E908	Lyxor 1	Pair Corr
0.42	SSUN	Samsung Electronics	Pair Corr
0.38	OYC	Delta Air Lines	Pair Corr
0.31	DBPE	Xtrackers LevDAX	Pair Corr

Related Correlations Analysis

	KEC	T7W	14D	7ES1	4JF	CE1	5NU	I8M
KEC		-0.5	0.28	-0.61	-0.37	-0.32	-0.14	0.61	KEC
T7W	-0.5		-0.2	0.77	0.69	0.48	0.4	-0.54	T7W
14D	0.28	-0.2		-0.34	-0.39	0.38	-0.45	0.4	14D
7ES1	-0.61	0.77	-0.34		0.68	0.2	0.53	-0.73	7ES1
4JF	-0.37	0.69	-0.39	0.68		0.12	0.42	-0.66	4JF
CE1	-0.32	0.48	0.38	0.2	0.12		-0.37	-0.19	CE1
5NU	-0.14	0.4	-0.45	0.53	0.42	-0.37		-0.23	5NU
I8M	0.61	-0.54	0.4	-0.73	-0.66	-0.19	-0.23		I8M
	KEC	T7W	14D	7ES1	4JF	CE1	5NU	I8M

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

7ES1	+ 0.77	T7W
4JF	+ 0.69	T7W
4JF	+ 0.68	7ES1
I8M	+ 0.61	KEC
5NU	+ 0.53	7ES1
CE1	+ 0.48	T7W

High negative correlations

I8M	- 0.73	7ES1
I8M	- 0.66	4JF
7ES1	- 0.61	KEC
I8M	- 0.54	T7W
T7W	- 0.5	KEC
5NU	- 0.45	14D

Risk-Adjusted Indicators

There is a big difference between AIR Stock performing well and AIR CHINA Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze AIR CHINA's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
KEC	2.64	0.13	0.04	(0.21)	3.23	(6.03)	8.33	(6.90)	27.72
T7W	1.32	(0.26)	0.00	(1.57)	0.00	0.00	2.54	(2.96)	9.01
14D	2.61	(0.07)	0.00	0.35	0.00	0.00	6.80	(6.02)	18.98
7ES1	2.21	(0.65)	0.00	3.24	0.00	0.00	3.13	(6.45)	21.69
4JF	2.18	(0.15)	0.00	(0.45)	0.00	0.00	4.04	(5.15)	13.94
CE1	1.41	(0.20)	0.00	(0.63)	0.00	0.00	2.34	(3.39)	9.14
5NU	1.33	(0.01)	0.00	(0.12)	0.00	0.00	2.84	(2.78)	8.89
I8M	1.50	0.25	0.16	0.61	1.67	(1.69)	3.25	(2.52)	9.11

Be your own money manager

Our tools can tell you how much better you can do entering a position in AIR CHINA without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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