Correlation Between Jiangsu Jinling and Ping An
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Ping An Bank, you can compare the effects of market volatilities on Jiangsu Jinling 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 Jiangsu Jinling with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Jinling and Ping An.
Diversification Opportunities for Jiangsu Jinling and Ping An
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangsu and Ping is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports and Ping An Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ping An Bank and Jiangsu Jinling 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 Jiangsu Jinling Sports 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 Bank has no effect on the direction of Jiangsu Jinling i.e., Jiangsu Jinling and Ping An go up and down completely randomly.
Pair Corralation between Jiangsu Jinling and Ping An
Assuming the 90 days trading horizon Jiangsu Jinling Sports is expected to generate 2.3 times more return on investment than Ping An. However, Jiangsu Jinling is 2.3 times more volatile than Ping An Bank. It trades about 0.15 of its potential returns per unit of risk. Ping An Bank is currently generating about 0.11 per unit of risk. If you would invest 1,444 in Jiangsu Jinling Sports on September 13, 2024 and sell it today you would earn a total of 116.00 from holding Jiangsu Jinling Sports or generate 8.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Ping An Bank
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Ping An Bank |
Jiangsu Jinling and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jiangsu Jinling and Ping An
The main advantage of trading using opposite Jiangsu Jinling and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Jinling 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.| Jiangsu Jinling vs. Beijing Wandong Medical | Jiangsu Jinling vs. Guangzhou Boji Medical | Jiangsu Jinling vs. Allmed Medical Products | Jiangsu Jinling vs. Allgens Medical Technology |
| Ping An vs. Guilin Seamild Foods | Ping An vs. Lier Chemical Co | Ping An vs. Liuzhou Chemical Industry | Ping An vs. Suzhou Weizhixiang Food |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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