Correlation Between Heilongjiang Agriculture and Ping An
Specify exactly 2 symbols:
By analyzing existing cross correlation between Heilongjiang Agriculture Co and Ping An Insurance, you can compare the effects of market volatilities on Heilongjiang Agriculture 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 Heilongjiang Agriculture with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Heilongjiang Agriculture and Ping An.
Diversification Opportunities for Heilongjiang Agriculture and Ping An
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Heilongjiang and Ping is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Heilongjiang Agriculture Co 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 Heilongjiang Agriculture 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 Heilongjiang Agriculture Co 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 Heilongjiang Agriculture i.e., Heilongjiang Agriculture and Ping An go up and down completely randomly.
Pair Corralation between Heilongjiang Agriculture and Ping An
Assuming the 90 days trading horizon Heilongjiang Agriculture Co is expected to generate 1.36 times more return on investment than Ping An. However, Heilongjiang Agriculture is 1.36 times more volatile than Ping An Insurance. It trades about -0.1 of its potential returns per unit of risk. Ping An Insurance is currently generating about -0.26 per unit of risk. If you would invest 1,437 in Heilongjiang Agriculture Co on October 20, 2024 and sell it today you would lose (57.00) from holding Heilongjiang Agriculture Co or give up 3.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Heilongjiang Agriculture Co vs. Ping An Insurance
Performance |
| Timeline |
| Heilongjiang Agriculture |
| Ping An Insurance |
Heilongjiang Agriculture and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Heilongjiang Agriculture and Ping An
The main advantage of trading using opposite Heilongjiang Agriculture and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Heilongjiang Agriculture 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.| Heilongjiang Agriculture vs. V V Food | Heilongjiang Agriculture vs. HaiXin Foods Co | Heilongjiang Agriculture vs. Olympic Circuit Technology | Heilongjiang Agriculture vs. Namchow Food Group |
| Ping An vs. Zhongshan Broad Ocean Motor | Ping An vs. Jilin Chemical Fibre | Ping An vs. Shenyang Chemical Industry | Ping An vs. RoadMain T Co |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |