Correlation Between Huayi Brothers and Ping An
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By analyzing existing cross correlation between Huayi Brothers Media and Ping An Insurance, you can compare the effects of market volatilities on Huayi Brothers 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 Huayi Brothers with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huayi Brothers and Ping An.
Diversification Opportunities for Huayi Brothers and Ping An
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Huayi and Ping is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Huayi Brothers Media 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 Huayi Brothers 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 Huayi Brothers Media 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 Huayi Brothers i.e., Huayi Brothers and Ping An go up and down completely randomly.
Pair Corralation between Huayi Brothers and Ping An
Assuming the 90 days trading horizon Huayi Brothers Media is expected to under-perform the Ping An. In addition to that, Huayi Brothers is 2.85 times more volatile than Ping An Insurance. It trades about -0.41 of its total potential returns per unit of risk. Ping An Insurance is currently generating about -0.3 per unit of volatility. If you would invest 5,312 in Ping An Insurance on October 17, 2024 and sell it today you would lose (401.00) from holding Ping An Insurance or give up 7.55% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Huayi Brothers Media vs. Ping An Insurance
Performance |
| Timeline |
| Huayi Brothers Media |
| Ping An Insurance |
Huayi Brothers and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Huayi Brothers and Ping An
The main advantage of trading using opposite Huayi Brothers and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huayi Brothers 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.| Huayi Brothers vs. Chengtun Mining Group | Huayi Brothers vs. Nuode Investment Co | Huayi Brothers vs. Harbin Hatou Investment | Huayi Brothers vs. Chengdu Xingrong Investment |
| Ping An vs. Huayi Brothers Media | Ping An vs. Shanghai Yanpu Metal | Ping An vs. Zhengzhou Coal Mining | Ping An vs. Hengdian Entertainment Co |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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