Correlation Between Harvest Fund and Peoples Insurance
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By analyzing existing cross correlation between Harvest Fund Management and Peoples Insurance of, you can compare the effects of market volatilities on Harvest Fund and Peoples Insurance 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 Harvest Fund with a short position of Peoples Insurance. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harvest Fund and Peoples Insurance.
Diversification Opportunities for Harvest Fund and Peoples Insurance
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Harvest and Peoples is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Harvest Fund Management and Peoples Insurance of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Peoples Insurance and Harvest Fund 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 Harvest Fund Management are associated (or correlated) with Peoples Insurance. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Peoples Insurance has no effect on the direction of Harvest Fund i.e., Harvest Fund and Peoples Insurance go up and down completely randomly.
Pair Corralation between Harvest Fund and Peoples Insurance
Assuming the 90 days trading horizon Harvest Fund Management is expected to under-perform the Peoples Insurance. But the stock apears to be less risky and, when comparing its historical volatility, Harvest Fund Management is 1.39 times less risky than Peoples Insurance. The stock trades about -0.04 of its potential returns per unit of risk. The Peoples Insurance of is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 515.00 in Peoples Insurance of on September 28, 2024 and sell it today you would earn a total of 252.00 from holding Peoples Insurance of or generate 48.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 96.44% |
| Values | Daily Returns |
Harvest Fund Management vs. Peoples Insurance of
Performance |
| Timeline |
| Harvest Fund Management |
| Peoples Insurance |
Harvest Fund and Peoples Insurance Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harvest Fund and Peoples Insurance
The main advantage of trading using opposite Harvest Fund and Peoples Insurance positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harvest Fund position performs unexpectedly, Peoples Insurance 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 Peoples Insurance will offset losses from the drop in Peoples Insurance's long position.| Harvest Fund vs. Industrial and Commercial | Harvest Fund vs. Kweichow Moutai Co | Harvest Fund vs. Agricultural Bank of | Harvest Fund vs. China Mobile Limited |
| Peoples Insurance vs. Industrial and Commercial | Peoples Insurance vs. Agricultural Bank of | Peoples Insurance vs. China Construction Bank | Peoples Insurance 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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