Correlation Between Loctek Ergonomic and Ping An
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By analyzing existing cross correlation between Loctek Ergonomic Technology and Ping An Insurance, you can compare the effects of market volatilities on Loctek Ergonomic 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 Loctek Ergonomic with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and Ping An.
Diversification Opportunities for Loctek Ergonomic and Ping An
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Loctek and Ping is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology 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 Loctek Ergonomic 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 Loctek Ergonomic Technology 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 Loctek Ergonomic i.e., Loctek Ergonomic and Ping An go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and Ping An
Assuming the 90 days trading horizon Loctek Ergonomic Technology is expected to generate 1.12 times more return on investment than Ping An. However, Loctek Ergonomic is 1.12 times more volatile than Ping An Insurance. It trades about 0.2 of its potential returns per unit of risk. Ping An Insurance is currently generating about -0.16 per unit of risk. If you would invest 1,638 in Loctek Ergonomic Technology on August 29, 2024 and sell it today you would earn a total of 170.00 from holding Loctek Ergonomic Technology or generate 10.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Loctek Ergonomic Technology vs. Ping An Insurance
Performance |
| Timeline |
| Loctek Ergonomic Tec |
| Ping An Insurance |
Loctek Ergonomic and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loctek Ergonomic and Ping An
The main advantage of trading using opposite Loctek Ergonomic and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic 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.| Loctek Ergonomic vs. Everjoy Health Group | Loctek Ergonomic vs. PKU HealthCare Corp | Loctek Ergonomic vs. Meinian Onehealth Healthcare | Loctek Ergonomic vs. Anhui Deli Household |
| Ping An vs. Ming Yang Smart | Ping An vs. 159681 | Ping An vs. 159005 | Ping An vs. Loctek Ergonomic 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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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