Correlation Between Ping An and Suzhou TFC
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ping An Insurance and Suzhou TFC Optical, you can compare the effects of market volatilities on Ping An and Suzhou TFC 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 Ping An with a short position of Suzhou TFC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Suzhou TFC.
Diversification Opportunities for Ping An and Suzhou TFC
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ping and Suzhou is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Suzhou TFC Optical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou TFC Optical and Ping An 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 Ping An Insurance are associated (or correlated) with Suzhou TFC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou TFC Optical has no effect on the direction of Ping An i.e., Ping An and Suzhou TFC go up and down completely randomly.
Pair Corralation between Ping An and Suzhou TFC
Assuming the 90 days trading horizon Ping An Insurance is expected to generate 0.29 times more return on investment than Suzhou TFC. However, Ping An Insurance is 3.48 times less risky than Suzhou TFC. It trades about 0.03 of its potential returns per unit of risk. Suzhou TFC Optical is currently generating about 0.0 per unit of risk. If you would invest 5,090 in Ping An Insurance on December 10, 2024 and sell it today you would earn a total of 35.00 from holding Ping An Insurance or generate 0.69% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Ping An Insurance vs. Suzhou TFC Optical
Performance |
Timeline |
Ping An Insurance |
Suzhou TFC Optical |
Ping An and Suzhou TFC Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ping An and Suzhou TFC
The main advantage of trading using opposite Ping An and Suzhou TFC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Suzhou TFC 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 Suzhou TFC will offset losses from the drop in Suzhou TFC's long position.Ping An vs. China Eastern Airlines | Ping An vs. Linewell Software Co | Ping An vs. Bangyan Technology Co | Ping An vs. Citic Guoan Wine |
Suzhou TFC vs. MayAir Technology Co | Suzhou TFC vs. Quectel Wireless Solutions | Suzhou TFC vs. China Reform Health | Suzhou TFC vs. Aier Eye Hospital |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
Other Complementary Tools
Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
Volatility Analysis Get historical volatility and risk analysis based on latest market data |