Correlation Between Xizi Clean and Ping An
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By analyzing existing cross correlation between Xizi Clean Energy and Ping An Insurance, you can compare the effects of market volatilities on Xizi Clean 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 Xizi Clean with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xizi Clean and Ping An.
Diversification Opportunities for Xizi Clean and Ping An
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Xizi and Ping is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Xizi Clean Energy 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 Xizi Clean 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 Xizi Clean Energy 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 Xizi Clean i.e., Xizi Clean and Ping An go up and down completely randomly.
Pair Corralation between Xizi Clean and Ping An
Assuming the 90 days trading horizon Xizi Clean Energy is expected to generate 0.89 times more return on investment than Ping An. However, Xizi Clean Energy is 1.12 times less risky than Ping An. It trades about -0.09 of its potential returns per unit of risk. Ping An Insurance is currently generating about -0.14 per unit of risk. If you would invest 1,249 in Xizi Clean Energy on September 3, 2024 and sell it today you would lose (48.00) from holding Xizi Clean Energy or give up 3.84% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Xizi Clean Energy vs. Ping An Insurance
Performance |
| Timeline |
| Xizi Clean Energy |
| Ping An Insurance |
Xizi Clean and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Xizi Clean and Ping An
The main advantage of trading using opposite Xizi Clean and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xizi Clean 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.| Xizi Clean vs. Cultural Investment Holdings | Xizi Clean vs. Gome Telecom Equipment | Xizi Clean vs. Bus Online Co | Xizi Clean vs. Holitech Technology Co |
| Ping An vs. Guizhou BroadcastingTV Info | Ping An vs. Pengxin International Mining | Ping An vs. Hainan Mining Co | Ping An vs. Uroica Mining Safety |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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