Correlation Between Ping An and Anhui Deli
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By analyzing existing cross correlation between Ping An Bank and Anhui Deli Household, you can compare the effects of market volatilities on Ping An and Anhui Deli 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 Anhui Deli. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Anhui Deli.
Diversification Opportunities for Ping An and Anhui Deli
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Ping and Anhui is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Bank and Anhui Deli Household in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Deli Household 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 Bank are associated (or correlated) with Anhui Deli. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Deli Household has no effect on the direction of Ping An i.e., Ping An and Anhui Deli go up and down completely randomly.
Pair Corralation between Ping An and Anhui Deli
Assuming the 90 days trading horizon Ping An Bank is expected to under-perform the Anhui Deli. But the stock apears to be less risky and, when comparing its historical volatility, Ping An Bank is 4.57 times less risky than Anhui Deli. The stock trades about -0.21 of its potential returns per unit of risk. The Anhui Deli Household is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 541.00 in Anhui Deli Household on October 13, 2024 and sell it today you would lose (11.00) from holding Anhui Deli Household or give up 2.03% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Bank vs. Anhui Deli Household
Performance |
| Timeline |
| Ping An Bank |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Anhui Deli Household |
Ping An and Anhui Deli Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Anhui Deli
The main advantage of trading using opposite Ping An and Anhui Deli positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Anhui Deli 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 Anhui Deli will offset losses from the drop in Anhui Deli's long position.| Ping An vs. Ningbo Ligong Online | Ping An vs. China World Trade | Ping An vs. Easyhome New Retail | Ping An vs. Miracll Chemicals Co |
| Anhui Deli vs. Healthcare Co | Anhui Deli vs. Cultural Investment Holdings | Anhui Deli vs. Shanghai Rongtai Health | Anhui Deli vs. Xiandai Investment Co |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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