Correlation Between Innovative Medical and Ping An
Specify exactly 2 symbols:
By analyzing existing cross correlation between Innovative Medical Management and Ping An Insurance, you can compare the effects of market volatilities on Innovative Medical 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 Innovative Medical with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Innovative Medical and Ping An.
Diversification Opportunities for Innovative Medical and Ping An
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Innovative and Ping is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Innovative Medical Management 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 Innovative Medical 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 Innovative Medical Management 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 Innovative Medical i.e., Innovative Medical and Ping An go up and down completely randomly.
Pair Corralation between Innovative Medical and Ping An
Assuming the 90 days trading horizon Innovative Medical Management is expected to generate 4.42 times more return on investment than Ping An. However, Innovative Medical is 4.42 times more volatile than Ping An Insurance. It trades about -0.09 of its potential returns per unit of risk. Ping An Insurance is currently generating about -0.46 per unit of risk. If you would invest 945.00 in Innovative Medical Management on October 13, 2024 and sell it today you would lose (125.00) from holding Innovative Medical Management or give up 13.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Innovative Medical Management vs. Ping An Insurance
Performance |
| Timeline |
| Innovative Medical |
| Ping An Insurance |
Innovative Medical and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Innovative Medical and Ping An
The main advantage of trading using opposite Innovative Medical and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Innovative Medical 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.| Innovative Medical vs. Guangzhou Zhujiang Brewery | Innovative Medical vs. Sanbo Hospital Management | Innovative Medical vs. Silkroad Visual Technology | Innovative Medical vs. RoadMain T Co |
| Ping An vs. Zhongrun Resources Investment | Ping An vs. Zoje Resources Investment | Ping An vs. Hunan Investment Group | Ping An vs. Innovative Medical Management |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |