Correlation Between Harbin Hatou and Ping An
Specify exactly 2 symbols:
By analyzing existing cross correlation between Harbin Hatou Investment and Ping An Insurance, you can compare the effects of market volatilities on Harbin Hatou 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 Harbin Hatou with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Harbin Hatou and Ping An.
Diversification Opportunities for Harbin Hatou and Ping An
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Harbin and Ping is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Harbin Hatou 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 Harbin Hatou 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 Harbin Hatou 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 Harbin Hatou i.e., Harbin Hatou and Ping An go up and down completely randomly.
Pair Corralation between Harbin Hatou and Ping An
Assuming the 90 days trading horizon Harbin Hatou is expected to generate 1.33 times less return on investment than Ping An. In addition to that, Harbin Hatou is 1.57 times more volatile than Ping An Insurance. It trades about 0.04 of its total potential returns per unit of risk. Ping An Insurance is currently generating about 0.09 per unit of volatility. If you would invest 3,861 in Ping An Insurance on September 12, 2024 and sell it today you would earn a total of 1,701 from holding Ping An Insurance or generate 44.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Harbin Hatou Investment vs. Ping An Insurance
Performance |
| Timeline |
| Harbin Hatou Investment |
| Ping An Insurance |
Harbin Hatou and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Harbin Hatou and Ping An
The main advantage of trading using opposite Harbin Hatou and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Harbin Hatou 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.| Harbin Hatou vs. Nuode Investment Co | Harbin Hatou vs. Xinjiang Communications Construction | Harbin Hatou vs. Vanfund Urban Investment | Harbin Hatou vs. Jiangsu Yueda Investment |
| Ping An vs. China Petroleum Chemical | Ping An vs. PetroChina Co Ltd | Ping An vs. China Mobile Limited | Ping An vs. Industrial and Commercial |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |