Correlation Between Shanghai Yaoji and Ping An
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shanghai Yaoji Playing and Ping An Insurance, you can compare the effects of market volatilities on Shanghai Yaoji 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 Shanghai Yaoji with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shanghai Yaoji and Ping An.
Diversification Opportunities for Shanghai Yaoji and Ping An
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Shanghai and Ping is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Shanghai Yaoji Playing 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 Shanghai Yaoji 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 Shanghai Yaoji Playing 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 Shanghai Yaoji i.e., Shanghai Yaoji and Ping An go up and down completely randomly.
Pair Corralation between Shanghai Yaoji and Ping An
Assuming the 90 days trading horizon Shanghai Yaoji Playing is expected to generate 2.07 times more return on investment than Ping An. However, Shanghai Yaoji is 2.07 times more volatile than Ping An Insurance. It trades about 0.08 of its potential returns per unit of risk. Ping An Insurance is currently generating about -0.18 per unit of risk. If you would invest 2,814 in Shanghai Yaoji Playing on August 28, 2024 and sell it today you would earn a total of 166.00 from holding Shanghai Yaoji Playing or generate 5.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shanghai Yaoji Playing vs. Ping An Insurance
Performance |
| Timeline |
| Shanghai Yaoji Playing |
| Ping An Insurance |
Shanghai Yaoji and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shanghai Yaoji and Ping An
The main advantage of trading using opposite Shanghai Yaoji and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shanghai Yaoji 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.| Shanghai Yaoji vs. Shenzhen MYS Environmental | Shanghai Yaoji vs. AVIC Fund Management | Shanghai Yaoji vs. Shenzhen Bingchuan Network | Shanghai Yaoji vs. Penghua Shenzhen Energy |
| Ping An vs. Ming Yang Smart | Ping An vs. 159681 | Ping An vs. 159005 | Ping An vs. Loctek Ergonomic Technology |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Stocks Directory Find actively traded stocks across global markets |