Correlation Between Shenzhen Noposion and Ping An
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By analyzing existing cross correlation between Shenzhen Noposion Agrochemicals and Ping An Insurance, you can compare the effects of market volatilities on Shenzhen Noposion 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 Shenzhen Noposion with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Noposion and Ping An.
Diversification Opportunities for Shenzhen Noposion and Ping An
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shenzhen and Ping is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Noposion Agrochemical 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 Shenzhen Noposion 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 Shenzhen Noposion Agrochemicals 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 Shenzhen Noposion i.e., Shenzhen Noposion and Ping An go up and down completely randomly.
Pair Corralation between Shenzhen Noposion and Ping An
Assuming the 90 days trading horizon Shenzhen Noposion Agrochemicals is expected to under-perform the Ping An. In addition to that, Shenzhen Noposion is 3.06 times more volatile than Ping An Insurance. It trades about -0.15 of its total potential returns per unit of risk. Ping An Insurance is currently generating about 0.02 per unit of volatility. If you would invest 5,071 in Ping An Insurance on November 3, 2024 and sell it today you would earn a total of 14.00 from holding Ping An Insurance or generate 0.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Noposion Agrochemical vs. Ping An Insurance
Performance |
| Timeline |
| Shenzhen Noposion |
| Ping An Insurance |
Shenzhen Noposion and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Noposion and Ping An
The main advantage of trading using opposite Shenzhen Noposion and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Noposion 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.| Shenzhen Noposion vs. Jinxiandai Information Industry | Shenzhen Noposion vs. Xinjiang Baodi Mining | Shenzhen Noposion vs. Hangzhou Gisway Information | Shenzhen Noposion vs. Zhejiang Yongjin Metal |
| Ping An vs. Fujian Nanwang Environment | Ping An vs. Zhongshan Broad Ocean Motor | Ping An vs. Silkroad Visual Technology | Ping An vs. RoadMain T Co |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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