Correlation Between Allwin Telecommunicatio and Ping An
Specify exactly 2 symbols:
By analyzing existing cross correlation between Allwin Telecommunication Co and Ping An Insurance, you can compare the effects of market volatilities on Allwin Telecommunicatio 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 Allwin Telecommunicatio with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allwin Telecommunicatio and Ping An.
Diversification Opportunities for Allwin Telecommunicatio and Ping An
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Allwin and Ping is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Allwin Telecommunication 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 Allwin Telecommunicatio 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 Allwin Telecommunication 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 Allwin Telecommunicatio i.e., Allwin Telecommunicatio and Ping An go up and down completely randomly.
Pair Corralation between Allwin Telecommunicatio and Ping An
Assuming the 90 days trading horizon Allwin Telecommunication Co is expected to generate 3.06 times more return on investment than Ping An. However, Allwin Telecommunicatio is 3.06 times more volatile than Ping An Insurance. It trades about 0.16 of its potential returns per unit of risk. Ping An Insurance is currently generating about -0.11 per unit of risk. If you would invest 623.00 in Allwin Telecommunication Co on September 13, 2024 and sell it today you would earn a total of 90.00 from holding Allwin Telecommunication Co or generate 14.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allwin Telecommunication Co vs. Ping An Insurance
Performance |
| Timeline |
| Allwin Telecommunicatio |
| Ping An Insurance |
Allwin Telecommunicatio and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allwin Telecommunicatio and Ping An
The main advantage of trading using opposite Allwin Telecommunicatio and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allwin Telecommunicatio 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.| Allwin Telecommunicatio vs. Industrial and Commercial | Allwin Telecommunicatio vs. China Construction Bank | Allwin Telecommunicatio vs. Bank of China | Allwin Telecommunicatio vs. Agricultural Bank of |
| Ping An vs. BYD Co Ltd | Ping An vs. China Mobile Limited | Ping An vs. Agricultural Bank of | Ping An vs. Industrial and Commercial |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |