Correlation Between GRG Banking and Ping An
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By analyzing existing cross correlation between GRG Banking Equipment and Ping An Insurance, you can compare the effects of market volatilities on GRG Banking 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 GRG Banking with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRG Banking and Ping An.
Diversification Opportunities for GRG Banking and Ping An
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between GRG and Ping is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding GRG Banking Equipment 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 GRG Banking 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 GRG Banking Equipment 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 GRG Banking i.e., GRG Banking and Ping An go up and down completely randomly.
Pair Corralation between GRG Banking and Ping An
Assuming the 90 days trading horizon GRG Banking Equipment is expected to generate 1.64 times more return on investment than Ping An. However, GRG Banking is 1.64 times more volatile than Ping An Insurance. It trades about -0.03 of its potential returns per unit of risk. Ping An Insurance is currently generating about -0.15 per unit of risk. If you would invest 1,200 in GRG Banking Equipment on October 25, 2024 and sell it today you would lose (87.00) from holding GRG Banking Equipment or give up 7.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRG Banking Equipment vs. Ping An Insurance
Performance |
| Timeline |
| GRG Banking Equipment |
| Ping An Insurance |
GRG Banking and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRG Banking and Ping An
The main advantage of trading using opposite GRG Banking and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRG Banking 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.| GRG Banking vs. Kweichow Moutai Co | GRG Banking vs. NAURA Technology Group | GRG Banking vs. APT Medical | GRG Banking vs. BYD Co Ltd |
| Ping An vs. JCHX Mining Management | Ping An vs. Zoje Resources Investment | Ping An vs. Huaxia Fund Management | Ping An vs. Sportsoul Co Ltd |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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