Correlation Between Hubei Geoway and Ping An
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By analyzing existing cross correlation between Hubei Geoway Investment and Ping An Insurance, you can compare the effects of market volatilities on Hubei Geoway 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 Hubei Geoway with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hubei Geoway and Ping An.
Diversification Opportunities for Hubei Geoway and Ping An
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hubei and Ping is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Hubei Geoway Investment 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 Hubei Geoway 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 Hubei Geoway Investment 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 Hubei Geoway i.e., Hubei Geoway and Ping An go up and down completely randomly.
Pair Corralation between Hubei Geoway and Ping An
Assuming the 90 days trading horizon Hubei Geoway Investment is expected to under-perform the Ping An. In addition to that, Hubei Geoway is 3.23 times more volatile than Ping An Insurance. It trades about -0.14 of its total potential returns per unit of risk. Ping An Insurance is currently generating about -0.34 per unit of volatility. If you would invest 5,490 in Ping An Insurance on October 12, 2024 and sell it today you would lose (509.00) from holding Ping An Insurance or give up 9.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hubei Geoway Investment vs. Ping An Insurance
Performance |
| Timeline |
| Hubei Geoway Investment |
| Ping An Insurance |
Hubei Geoway and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hubei Geoway and Ping An
The main advantage of trading using opposite Hubei Geoway and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hubei Geoway 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.| Hubei Geoway vs. Jiangsu Broadcasting Cable | Hubei Geoway vs. Guangzhou Tinci Materials | Hubei Geoway vs. Hangzhou Gaoxin Rubber | Hubei Geoway vs. Anshan Senyuan Road |
| Ping An vs. Unisplendour Corp | Ping An vs. Konfoong Materials International | Ping An vs. Zhejiang JIULI Hi tech | Ping An vs. China Building Material |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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