Correlation Between Jiangsu Jinling and Ping An
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By analyzing existing cross correlation between Jiangsu Jinling Sports and Ping An Insurance, 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
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jiangsu and Ping is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Jinling Sports 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 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 Insurance 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 under-perform the Ping An. In addition to that, Jiangsu Jinling is 1.65 times more volatile than Ping An Insurance. It trades about -0.02 of its total potential returns per unit of risk. Ping An Insurance is currently generating about 0.03 per unit of volatility. If you would invest 4,503 in Ping An Insurance on September 5, 2024 and sell it today you would earn a total of 940.00 from holding Ping An Insurance or generate 20.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jiangsu Jinling Sports vs. Ping An Insurance
Performance |
| Timeline |
| Jiangsu Jinling Sports |
| Ping An Insurance |
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. Spring Airlines Co | Jiangsu Jinling vs. Tianjin Capital Environmental | Jiangsu Jinling vs. Ningbo Ligong Online | Jiangsu Jinling vs. Elite Color Environmental |
| Ping An vs. Southchip Semiconductor Technology | Ping An vs. Allwin Telecommunication Co | Ping An vs. Sunwave Communications Co | Ping An vs. Iat Automobile 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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