Correlation Between Jinsanjiang Silicon and Ping An
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Ping An Bank, you can compare the effects of market volatilities on Jinsanjiang Silicon 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 Jinsanjiang Silicon with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Ping An.
Diversification Opportunities for Jinsanjiang Silicon and Ping An
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Jinsanjiang and Ping is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material 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 Jinsanjiang Silicon 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 Jinsanjiang Silicon Material 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 Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Ping An go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Ping An
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to generate 2.34 times more return on investment than Ping An. However, Jinsanjiang Silicon is 2.34 times more volatile than Ping An Bank. It trades about 0.03 of its potential returns per unit of risk. Ping An Bank is currently generating about 0.0 per unit of risk. If you would invest 1,030 in Jinsanjiang Silicon Material on September 4, 2024 and sell it today you would earn a total of 153.00 from holding Jinsanjiang Silicon Material or generate 14.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinsanjiang Silicon Material vs. Ping An Bank
Performance |
| Timeline |
| Jinsanjiang Silicon |
| Ping An Bank |
Jinsanjiang Silicon and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and Ping An
The main advantage of trading using opposite Jinsanjiang Silicon and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon 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.| Jinsanjiang Silicon vs. Dhc Software Co | Jinsanjiang Silicon vs. Niutech Environment Technology | Jinsanjiang Silicon vs. Gome Telecom Equipment | Jinsanjiang Silicon vs. Xinjiang Communications Construction |
| Ping An vs. Zoje Resources Investment | Ping An vs. Hunan Investment Group | Ping An vs. Long Yuan Construction | Ping An vs. Guangdong Jinming Machinery |
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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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