China Eastern Correlations

CHEAF Stock

USD 0.32 0.00 0.00%

The current 90-days correlation between China Eastern Airlines and Delta Air Lines is -0.03 (i.e., Good diversification). The correlation of China Eastern 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.

China Eastern Correlation With Market

Very good diversification

The correlation between China Eastern Airlines and DJI is -0.5 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding China Eastern Airlines and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to China Eastern could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace China Eastern 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 China Eastern - 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 China Eastern Airlines to buy it.

Moving together with China Pink Sheet

0.65	CHKIF	China Southern Airlines	Pair Corr
0.67	BA	Boeing	Pair Corr

Moving against China Pink Sheet

0.71	SHG	Shinhan Financial	Pair Corr
0.62	KEP	Korea Electric Power	Pair Corr
0.58	KB	KB Financial Group	Pair Corr
0.55	TLK	Telkom Indonesia Tbk	Pair Corr
0.51	RYAOF	Ryanair Holdings PLC	Pair Corr
0.5	U4R90AAB4	HLF 4875 01	Pair Corr
0.47	VFS	VinFast Auto	Pair Corr
0.44	WF	Woori Financial Group	Pair Corr
0.39	VFSWW	VinFast Auto	Pair Corr
0.76	DIS	Walt Disney	Pair Corr
0.71	PG	Procter Gamble	Pair Corr
0.69	XOM	Exxon Mobil Corp	Pair Corr
0.57	CAT	Caterpillar	Pair Corr
0.41	CVX	Chevron Corp	Pair Corr
0.39	MRK	Merck Company Aggressive Push	Pair Corr
0.34	KOREF	KORE Mining	Pair Corr
0.34	MSFT	Microsoft	Pair Corr
0.33	BAC	Bank of America	Pair Corr
0.31	INTC	Intel	Pair Corr

Related Correlations Analysis

	AZUL	LTMAY	CPA	VLRS	MESA	DAL	AAL	LUV	JBLU
AZUL		0.0	0.37	0.38	-0.31	0.44	-0.33	-0.03	-0.48	AZUL
LTMAY	0.0		0.0	0.0	0.0	0.0	0.0	0.0	0.0	LTMAY
CPA	0.37	0.0		0.13	-0.27	0.35	-0.42	-0.56	-0.33	CPA
VLRS	0.38	0.0	0.13		0.18	0.52	0.39	0.1	0.13	VLRS
MESA	-0.31	0.0	-0.27	0.18		0.25	0.78	0.05	0.59	MESA
DAL	0.44	0.0	0.35	0.52	0.25		0.2	-0.36	-0.25	DAL
AAL	-0.33	0.0	-0.42	0.39	0.78	0.2		0.35	0.68	AAL
LUV	-0.03	0.0	-0.56	0.1	0.05	-0.36	0.35		0.39	LUV
JBLU	-0.48	0.0	-0.33	0.13	0.59	-0.25	0.68	0.39		JBLU
	AZUL	LTMAY	CPA	VLRS	MESA	DAL	AAL	LUV	JBLU

Click cells to compare fundamentals

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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

AAL	+ 0.78	MESA
JBLU	+ 0.68	AAL
JBLU	+ 0.59	MESA
DAL	+ 0.52	VLRS
DAL	+ 0.44	AZUL
AAL	+ 0.39	VLRS

High negative correlations

LUV	- 0.56	CPA
JBLU	- 0.48	AZUL
AAL	- 0.42	CPA
LUV	- 0.36	DAL
JBLU	- 0.33	CPA
AAL	- 0.33	AZUL

Risk-Adjusted Indicators

There is a big difference between China Pink Sheet performing well and China Eastern 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 China Eastern'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
AZUL	3.94	(0.36)	0.00	(0.60)	0.00	0.00	8.63	(7.93)	23.70
LTMAY	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CPA	1.48	(0.16)	0.00	(1.12)	0.00	0.00	3.30	(3.24)	12.34
VLRS	1.99	(0.32)	0.00	0.78	0.00	0.00	3.90	(4.26)	18.80
MESA	3.16	0.53	0.14	1.31	3.17	(4.25)	9.82	(6.40)	23.87
DAL	1.60	(0.02)	0.00	(0.04)	0.00	0.00	2.70	(3.17)	14.89
AAL	1.71	0.12	0.05	0.40	2.22	(1.83)	3.47	(3.20)	25.54
LUV	1.13	(0.09)	0.00	1.59	0.00	0.00	1.99	(2.61)	7.88
JBLU	3.10	0.29	0.05	(0.64)	5.53	(2.98)	6.21	(5.28)	36.77

Be your own money manager

Our tools can tell you how much better you can do entering a position in China Eastern 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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