Correlation Between Ping An and Jiangsu Phoenix
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By analyzing existing cross correlation between Ping An Insurance and Jiangsu Phoenix Publishing, you can compare the effects of market volatilities on Ping An and Jiangsu Phoenix 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 Jiangsu Phoenix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Jiangsu Phoenix.
Diversification Opportunities for Ping An and Jiangsu Phoenix
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ping and Jiangsu is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Jiangsu Phoenix Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Phoenix Publ 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 Jiangsu Phoenix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Phoenix Publ has no effect on the direction of Ping An i.e., Ping An and Jiangsu Phoenix go up and down completely randomly.
Pair Corralation between Ping An and Jiangsu Phoenix
Assuming the 90 days trading horizon Ping An is expected to generate 2.65 times less return on investment than Jiangsu Phoenix. But when comparing it to its historical volatility, Ping An Insurance is 1.43 times less risky than Jiangsu Phoenix. It trades about 0.02 of its potential returns per unit of risk. Jiangsu Phoenix Publishing is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 765.00 in Jiangsu Phoenix Publishing on September 25, 2024 and sell it today you would earn a total of 337.00 from holding Jiangsu Phoenix Publishing or generate 44.05% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Ping An Insurance vs. Jiangsu Phoenix Publishing
Performance |
Timeline |
Ping An Insurance |
Jiangsu Phoenix Publ |
Ping An and Jiangsu Phoenix Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ping An and Jiangsu Phoenix
The main advantage of trading using opposite Ping An and Jiangsu Phoenix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Jiangsu Phoenix 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 Jiangsu Phoenix will offset losses from the drop in Jiangsu Phoenix's long position.Ping An vs. Kweichow Moutai Co | Ping An vs. Shenzhen Mindray Bio Medical | Ping An vs. Jiangsu Pacific Quartz | Ping An vs. G bits Network Technology |
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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 the Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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