Correlation Between Konfoong Materials and Ping An
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By analyzing existing cross correlation between Konfoong Materials International and Ping An Insurance, you can compare the effects of market volatilities on Konfoong Materials 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 Konfoong Materials with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Konfoong Materials and Ping An.
Diversification Opportunities for Konfoong Materials and Ping An
0.38 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Konfoong and Ping is 0.38. Overlapping area represents the amount of risk that can be diversified away by holding Konfoong Materials Internation 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 Konfoong Materials 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 Konfoong Materials International 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 Konfoong Materials i.e., Konfoong Materials and Ping An go up and down completely randomly.
Pair Corralation between Konfoong Materials and Ping An
Assuming the 90 days trading horizon Konfoong Materials International is expected to generate 1.74 times more return on investment than Ping An. However, Konfoong Materials is 1.74 times more volatile than Ping An Insurance. It trades about 0.01 of its potential returns per unit of risk. Ping An Insurance is currently generating about 0.02 per unit of risk. If you would invest 7,567 in Konfoong Materials International on October 27, 2024 and sell it today you would lose (468.00) from holding Konfoong Materials International or give up 6.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Konfoong Materials Internation vs. Ping An Insurance
Performance |
| Timeline |
| Konfoong Materials |
| Ping An Insurance |
Konfoong Materials and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Konfoong Materials and Ping An
The main advantage of trading using opposite Konfoong Materials and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Konfoong Materials 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.| Konfoong Materials vs. Cloud Live Technology | Konfoong Materials vs. Nanjing Putian Telecommunications | Konfoong Materials vs. Shenzhen Coship Electronics | Konfoong Materials vs. Shenzhen Hifuture Electric |
| Ping An vs. Industrial and Commercial | Ping An vs. Agricultural Bank of | Ping An vs. China Construction Bank | Ping An vs. Bank of China |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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