Correlation Between Shenzhen Noposion and Peoples Insurance
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By analyzing existing cross correlation between Shenzhen Noposion Agrochemicals and Peoples Insurance of, you can compare the effects of market volatilities on Shenzhen Noposion and Peoples Insurance 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 Peoples Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Noposion and Peoples Insurance.
Diversification Opportunities for Shenzhen Noposion and Peoples Insurance
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Shenzhen and Peoples is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Noposion Agrochemical and Peoples Insurance of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Peoples 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 Peoples Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Peoples Insurance has no effect on the direction of Shenzhen Noposion i.e., Shenzhen Noposion and Peoples Insurance go up and down completely randomly.
Pair Corralation between Shenzhen Noposion and Peoples Insurance
Assuming the 90 days trading horizon Shenzhen Noposion Agrochemicals is expected to generate 1.09 times more return on investment than Peoples Insurance. However, Shenzhen Noposion is 1.09 times more volatile than Peoples Insurance of. It trades about -0.02 of its potential returns per unit of risk. Peoples Insurance of is currently generating about -0.03 per unit of risk. If you would invest 961.00 in Shenzhen Noposion Agrochemicals on August 29, 2024 and sell it today you would lose (15.00) from holding Shenzhen Noposion Agrochemicals or give up 1.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Noposion Agrochemical vs. Peoples Insurance of
Performance |
| Timeline |
| Shenzhen Noposion |
| Peoples Insurance |
Shenzhen Noposion and Peoples Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Noposion and Peoples Insurance
The main advantage of trading using opposite Shenzhen Noposion and Peoples Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Noposion position performs unexpectedly, Peoples Insurance 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 Peoples Insurance will offset losses from the drop in Peoples Insurance's long position.| Shenzhen Noposion vs. Baoshan Iron Steel | Shenzhen Noposion vs. Shandong Gold Mining | Shenzhen Noposion vs. Rongsheng Petrochemical Co | Shenzhen Noposion vs. Inner Mongolia BaoTou |
| Peoples Insurance vs. Kweichow Moutai Co | Peoples Insurance vs. Contemporary Amperex Technology | Peoples Insurance vs. G bits Network Technology | Peoples Insurance vs. BYD 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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