Correlation Between Jinzai Food and Ping An
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By analyzing existing cross correlation between Jinzai Food Group and Ping An Insurance, you can compare the effects of market volatilities on Jinzai Food 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 Jinzai Food with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinzai Food and Ping An.
Diversification Opportunities for Jinzai Food and Ping An
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Jinzai and Ping is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Jinzai Food Group 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 Jinzai Food 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 Jinzai Food Group 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 Jinzai Food i.e., Jinzai Food and Ping An go up and down completely randomly.
Pair Corralation between Jinzai Food and Ping An
Assuming the 90 days trading horizon Jinzai Food Group is expected to generate 2.25 times more return on investment than Ping An. However, Jinzai Food is 2.25 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 -0.3 per unit of risk. If you would invest 1,288 in Jinzai Food Group on October 10, 2024 and sell it today you would earn a total of 52.00 from holding Jinzai Food Group or generate 4.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinzai Food Group vs. Ping An Insurance
Performance |
| Timeline |
| Jinzai Food Group |
| Ping An Insurance |
Jinzai Food and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinzai Food and Ping An
The main advantage of trading using opposite Jinzai Food and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinzai Food 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.| Jinzai Food vs. Ningbo Fangzheng Automobile | Jinzai Food vs. CIMC Vehicles Co | Jinzai Food vs. Jiangsu Xinri E Vehicle | Jinzai Food vs. Dongfeng Automobile Co |
| Ping An vs. Do Fluoride Chemicals Co | Ping An vs. Sunny Loan Top | Ping An vs. Oppein Home Group | Ping An vs. Ningxia Younglight Chemicals |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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