Correlation Between Holitech Technology and Ping An
Specify exactly 2 symbols:
By analyzing existing cross correlation between Holitech Technology Co and Ping An Insurance, you can compare the effects of market volatilities on Holitech Technology 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 Holitech Technology with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holitech Technology and Ping An.
Diversification Opportunities for Holitech Technology and Ping An
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Holitech and Ping is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Holitech Technology 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 Holitech Technology 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 Holitech Technology 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 Holitech Technology i.e., Holitech Technology and Ping An go up and down completely randomly.
Pair Corralation between Holitech Technology and Ping An
Assuming the 90 days trading horizon Holitech Technology Co is expected to under-perform the Ping An. In addition to that, Holitech Technology is 2.07 times more volatile than Ping An Insurance. It trades about 0.0 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 4,771 in Ping An Insurance on November 7, 2024 and sell it today you would earn a total of 314.00 from holding Ping An Insurance or generate 6.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.79% |
| Values | Daily Returns |
Holitech Technology Co vs. Ping An Insurance
Performance |
| Timeline |
| Holitech Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Ping An Insurance |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Holitech Technology and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holitech Technology and Ping An
The main advantage of trading using opposite Holitech Technology and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holitech Technology 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.The idea behind Holitech Technology Co and Ping An Insurance pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
Other Complementary Tools
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |