Correlation Between Dymatic Chemicals and Ping An
Specify exactly 2 symbols:
By analyzing existing cross correlation between Dymatic Chemicals and Ping An Bank, you can compare the effects of market volatilities on Dymatic Chemicals and Ping An 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 Dymatic Chemicals with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Dymatic Chemicals and Ping An.
Diversification Opportunities for Dymatic Chemicals and Ping An
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Dymatic and Ping is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Dymatic Chemicals and Ping An Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ping An Bank and Dymatic Chemicals 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 Dymatic Chemicals are associated (or correlated) with Ping An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ping An Bank has no effect on the direction of Dymatic Chemicals i.e., Dymatic Chemicals and Ping An go up and down completely randomly.
Pair Corralation between Dymatic Chemicals and Ping An
Assuming the 90 days trading horizon Dymatic Chemicals is expected to generate 1.62 times more return on investment than Ping An. However, Dymatic Chemicals is 1.62 times more volatile than Ping An Bank. It trades about 0.05 of its potential returns per unit of risk. Ping An Bank is currently generating about 0.07 per unit of risk. If you would invest 554.00 in Dymatic Chemicals on September 1, 2024 and sell it today you would earn a total of 69.00 from holding Dymatic Chemicals or generate 12.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.19% |
| Values | Daily Returns |
Dymatic Chemicals vs. Ping An Bank
Performance |
| Timeline |
| Dymatic Chemicals |
| Ping An Bank |
Dymatic Chemicals and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Dymatic Chemicals and Ping An
The main advantage of trading using opposite Dymatic Chemicals and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Dymatic Chemicals position performs unexpectedly, Ping An 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 Ping An will offset losses from the drop in Ping An's long position.| Dymatic Chemicals vs. Zijin Mining Group | Dymatic Chemicals vs. Wanhua Chemical Group | Dymatic Chemicals vs. Baoshan Iron Steel | Dymatic Chemicals vs. Shandong Gold Mining |
| Ping An vs. Guangdong Liantai Environmental | Ping An vs. Jiangxi JDL Environmental | Ping An vs. Tongxing Environmental Protection | Ping An vs. Hunan Mendale Hometextile |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |