Correlation Between Ping An and Duzhe Publishing
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By analyzing existing cross correlation between Ping An Insurance and Duzhe Publishing Media, you can compare the effects of market volatilities on Ping An and Duzhe Publishing 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 Duzhe Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Duzhe Publishing.
Diversification Opportunities for Ping An and Duzhe Publishing
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ping and Duzhe is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Duzhe Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Duzhe Publishing Media 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 Duzhe Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Duzhe Publishing Media has no effect on the direction of Ping An i.e., Ping An and Duzhe Publishing go up and down completely randomly.
Pair Corralation between Ping An and Duzhe Publishing
Assuming the 90 days trading horizon Ping An is expected to generate 1.91 times less return on investment than Duzhe Publishing. But when comparing it to its historical volatility, Ping An Insurance is 1.2 times less risky than Duzhe Publishing. It trades about 0.12 of its potential returns per unit of risk. Duzhe Publishing Media is currently generating about 0.19 of returns per unit of risk over similar time horizon. If you would invest 483.00 in Duzhe Publishing Media on September 20, 2024 and sell it today you would earn a total of 207.00 from holding Duzhe Publishing Media or generate 42.86% 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. Duzhe Publishing Media
Performance |
Timeline |
Ping An Insurance |
Duzhe Publishing Media |
Ping An and Duzhe Publishing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ping An and Duzhe Publishing
The main advantage of trading using opposite Ping An and Duzhe Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Duzhe Publishing 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 Duzhe Publishing will offset losses from the drop in Duzhe Publishing's long position.Ping An vs. Jiangsu Yueda Investment | Ping An vs. China Asset Management | Ping An vs. Zhongrun Resources Investment | Ping An vs. Beijing Mainstreets 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 the Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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