Correlation Between Ningbo Tech-Bank and Ping An
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By analyzing existing cross correlation between Ningbo Tech Bank Co and Ping An Insurance, you can compare the effects of market volatilities on Ningbo Tech-Bank 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 Ningbo Tech-Bank with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ningbo Tech-Bank and Ping An.
Diversification Opportunities for Ningbo Tech-Bank and Ping An
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Ningbo and Ping is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Ningbo Tech Bank 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 Ningbo Tech-Bank 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 Ningbo Tech Bank 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 Ningbo Tech-Bank i.e., Ningbo Tech-Bank and Ping An go up and down completely randomly.
Pair Corralation between Ningbo Tech-Bank and Ping An
Assuming the 90 days trading horizon Ningbo Tech Bank Co is expected to generate 2.11 times more return on investment than Ping An. However, Ningbo Tech-Bank is 2.11 times more volatile than Ping An Insurance. It trades about 0.23 of its potential returns per unit of risk. Ping An Insurance is currently generating about 0.06 per unit of risk. If you would invest 271.00 in Ningbo Tech Bank Co on November 4, 2024 and sell it today you would earn a total of 27.00 from holding Ningbo Tech Bank Co or generate 9.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ningbo Tech Bank Co vs. Ping An Insurance
Performance |
| Timeline |
| Ningbo Tech Bank |
| Ping An Insurance |
Ningbo Tech-Bank and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ningbo Tech-Bank and Ping An
The main advantage of trading using opposite Ningbo Tech-Bank and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ningbo Tech-Bank 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.| Ningbo Tech-Bank vs. Tsingtao Brewery Co | Ningbo Tech-Bank vs. Keeson Technology Corp | Ningbo Tech-Bank vs. Qilu Bank Co | Ningbo Tech-Bank vs. Lecron Energy Saving |
| Ping An vs. Beijing Kaiwen Education | Ping An vs. Jiangsu Phoenix Publishing | Ping An vs. Yili Chuanning Biotechnology | Ping An vs. Changjiang Publishing Media |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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