Correlation Between Sunny Loan and Ping An
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sunny Loan Top and Ping An Insurance, you can compare the effects of market volatilities on Sunny Loan 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 Sunny Loan with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunny Loan and Ping An.
Diversification Opportunities for Sunny Loan and Ping An
0.48 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sunny and Ping is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Sunny Loan Top 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 Sunny Loan 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 Sunny Loan Top 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 Sunny Loan i.e., Sunny Loan and Ping An go up and down completely randomly.
Pair Corralation between Sunny Loan and Ping An
Assuming the 90 days trading horizon Sunny Loan Top is expected to under-perform the Ping An. In addition to that, Sunny Loan is 3.07 times more volatile than Ping An Insurance. It trades about -0.22 of its total potential returns per unit of risk. Ping An Insurance is currently generating about -0.29 per unit of volatility. If you would invest 5,483 in Ping An Insurance on October 10, 2024 and sell it today you would lose (466.00) from holding Ping An Insurance or give up 8.5% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sunny Loan Top vs. Ping An Insurance
Performance |
| Timeline |
| Sunny Loan Top |
| Ping An Insurance |
Sunny Loan and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunny Loan and Ping An
The main advantage of trading using opposite Sunny Loan and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunny Loan 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.| Sunny Loan vs. Dhc Software Co | Sunny Loan vs. Nanjing Putian Telecommunications | Sunny Loan vs. Queclink Wireless Solutions | Sunny Loan vs. Inspur Software Co |
| Ping An vs. Shandong Polymer Biochemicals | Ping An vs. Do Fluoride Chemicals Co | Ping An vs. Jinhui Liquor Co | Ping An vs. Dymatic Chemicals |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals |