Correlation Between Guangzhou Jointas and Ping An
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By analyzing existing cross correlation between Guangzhou Jointas Chemical and Ping An Insurance, you can compare the effects of market volatilities on Guangzhou Jointas 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 Guangzhou Jointas with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangzhou Jointas and Ping An.
Diversification Opportunities for Guangzhou Jointas and Ping An
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Guangzhou and Ping is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Guangzhou Jointas Chemical 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 Guangzhou Jointas 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 Guangzhou Jointas Chemical 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 Guangzhou Jointas i.e., Guangzhou Jointas and Ping An go up and down completely randomly.
Pair Corralation between Guangzhou Jointas and Ping An
Assuming the 90 days trading horizon Guangzhou Jointas Chemical is expected to under-perform the Ping An. In addition to that, Guangzhou Jointas is 1.45 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 0.08 per unit of volatility. If you would invest 3,836 in Ping An Insurance on October 12, 2024 and sell it today you would earn a total of 1,145 from holding Ping An Insurance or generate 29.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Guangzhou Jointas Chemical vs. Ping An Insurance
Performance |
| Timeline |
| Guangzhou Jointas |
| Ping An Insurance |
Guangzhou Jointas and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangzhou Jointas and Ping An
The main advantage of trading using opposite Guangzhou Jointas and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangzhou Jointas 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.| Guangzhou Jointas vs. Qumei Furniture Group | Guangzhou Jointas vs. Songz Automobile Air | Guangzhou Jointas vs. Zoy Home Furnishing | Guangzhou Jointas vs. Ningbo Fangzheng Automobile |
| Ping An vs. Unisplendour Corp | Ping An vs. Konfoong Materials International | Ping An vs. Zhejiang JIULI Hi tech | Ping An vs. China Building Material |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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