Correlation Between Sunwave Communications and Ping An
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By analyzing existing cross correlation between Sunwave Communications Co and Ping An Insurance, you can compare the effects of market volatilities on Sunwave Communications 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 Sunwave Communications with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunwave Communications and Ping An.
Diversification Opportunities for Sunwave Communications and Ping An
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sunwave and Ping is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Sunwave Communications Co and Ping An Insurance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ping An Insurance and Sunwave Communications 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 Sunwave Communications Co 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 Insurance has no effect on the direction of Sunwave Communications i.e., Sunwave Communications and Ping An go up and down completely randomly.
Pair Corralation between Sunwave Communications and Ping An
Assuming the 90 days trading horizon Sunwave Communications Co is expected to generate 4.02 times more return on investment than Ping An. However, Sunwave Communications is 4.02 times more volatile than Ping An Insurance. It trades about 0.31 of its potential returns per unit of risk. Ping An Insurance is currently generating about -0.11 per unit of risk. If you would invest 632.00 in Sunwave Communications Co on September 13, 2024 and sell it today you would earn a total of 263.00 from holding Sunwave Communications Co or generate 41.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sunwave Communications Co vs. Ping An Insurance
Performance |
| Timeline |
| Sunwave Communications |
| Ping An Insurance |
Sunwave Communications and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunwave Communications and Ping An
The main advantage of trading using opposite Sunwave Communications and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunwave Communications 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.| Sunwave Communications vs. Guangdong Wens Foodstuff | Sunwave Communications vs. HaiXin Foods Co | Sunwave Communications vs. Jiangsu Yueda Investment | Sunwave Communications vs. Eastroc Beverage Group |
| Ping An vs. BYD Co Ltd | Ping An vs. China Mobile Limited | Ping An vs. Agricultural Bank of | Ping An vs. Industrial and Commercial |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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