Correlation Between Peoples Insurance and Yantai Jereh
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By analyzing existing cross correlation between Peoples Insurance of and Yantai Jereh Oilfield, you can compare the effects of market volatilities on Peoples Insurance and Yantai Jereh 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 Peoples Insurance with a short position of Yantai Jereh. Check out your portfolio center. Please also check ongoing floating volatility patterns of Peoples Insurance and Yantai Jereh.
Diversification Opportunities for Peoples Insurance and Yantai Jereh
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Peoples and Yantai is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Peoples Insurance of and Yantai Jereh Oilfield in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yantai Jereh Oilfield and Peoples Insurance 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 Peoples Insurance of are associated (or correlated) with Yantai Jereh. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yantai Jereh Oilfield has no effect on the direction of Peoples Insurance i.e., Peoples Insurance and Yantai Jereh go up and down completely randomly.
Pair Corralation between Peoples Insurance and Yantai Jereh
Assuming the 90 days trading horizon Peoples Insurance of is expected to under-perform the Yantai Jereh. But the stock apears to be less risky and, when comparing its historical volatility, Peoples Insurance of is 1.09 times less risky than Yantai Jereh. The stock trades about -0.01 of its potential returns per unit of risk. The Yantai Jereh Oilfield is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 3,481 in Yantai Jereh Oilfield on October 26, 2024 and sell it today you would earn a total of 394.00 from holding Yantai Jereh Oilfield or generate 11.32% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 98.44% |
Values | Daily Returns |
Peoples Insurance of vs. Yantai Jereh Oilfield
Performance |
Timeline |
Peoples Insurance |
Yantai Jereh Oilfield |
Peoples Insurance and Yantai Jereh Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Peoples Insurance and Yantai Jereh
The main advantage of trading using opposite Peoples Insurance and Yantai Jereh positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Peoples Insurance position performs unexpectedly, Yantai Jereh 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 Yantai Jereh will offset losses from the drop in Yantai Jereh's long position.Peoples Insurance vs. BeiGene | Peoples Insurance vs. Kweichow Moutai Co | Peoples Insurance vs. Beijing Roborock Technology | Peoples Insurance 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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