Correlation Between Ping An and Maoming Petro
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By analyzing existing cross correlation between Ping An Insurance and Maoming Petro Chemical Shihua, you can compare the effects of market volatilities on Ping An and Maoming Petro 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 Ping An with a short position of Maoming Petro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Maoming Petro.
Diversification Opportunities for Ping An and Maoming Petro
-0.19 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ping and Maoming is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Maoming Petro Chemical Shihua in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maoming Petro Chemical and Ping An 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 Ping An Insurance are associated (or correlated) with Maoming Petro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maoming Petro Chemical has no effect on the direction of Ping An i.e., Ping An and Maoming Petro go up and down completely randomly.
Pair Corralation between Ping An and Maoming Petro
Assuming the 90 days trading horizon Ping An Insurance is expected to generate 0.8 times more return on investment than Maoming Petro. However, Ping An Insurance is 1.26 times less risky than Maoming Petro. It trades about 0.08 of its potential returns per unit of risk. Maoming Petro Chemical Shihua is currently generating about 0.04 per unit of risk. If you would invest 3,836 in Ping An Insurance on October 12, 2024 and sell it today you would earn a total of 1,145 from holding Ping An Insurance or generate 29.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Maoming Petro Chemical Shihua
Performance |
| Timeline |
| Ping An Insurance |
| Maoming Petro Chemical |
Ping An and Maoming Petro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Maoming Petro
The main advantage of trading using opposite Ping An and Maoming Petro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Maoming Petro 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 Maoming Petro will offset losses from the drop in Maoming Petro's long position.| Ping An vs. Unisplendour Corp | Ping An vs. Konfoong Materials International | Ping An vs. Zhejiang JIULI Hi tech | Ping An vs. China Building Material |
| Maoming Petro vs. Tongxing Environmental Protection | Maoming Petro vs. Innovative Medical Management | Maoming Petro vs. Xiangyu Medical Co | Maoming Petro vs. Shandong Iron and |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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