Correlation Between Ping An and Xiandai Investment
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By analyzing existing cross correlation between Ping An Insurance and Xiandai Investment Co, you can compare the effects of market volatilities on Ping An and Xiandai Investment 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 Xiandai Investment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Xiandai Investment.
Diversification Opportunities for Ping An and Xiandai Investment
0.11 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ping and Xiandai is 0.11. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Xiandai Investment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xiandai Investment 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 Xiandai Investment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xiandai Investment has no effect on the direction of Ping An i.e., Ping An and Xiandai Investment go up and down completely randomly.
Pair Corralation between Ping An and Xiandai Investment
Assuming the 90 days trading horizon Ping An Insurance is expected to generate 1.06 times more return on investment than Xiandai Investment. However, Ping An is 1.06 times more volatile than Xiandai Investment Co. It trades about 0.06 of its potential returns per unit of risk. Xiandai Investment Co is currently generating about 0.03 per unit of risk. If you would invest 5,034 in Ping An Insurance on November 5, 2024 and sell it today you would earn a total of 51.00 from holding Ping An Insurance or generate 1.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Xiandai Investment Co
Performance |
| Timeline |
| Ping An Insurance |
| Xiandai Investment |
Ping An and Xiandai Investment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Xiandai Investment
The main advantage of trading using opposite Ping An and Xiandai Investment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Xiandai Investment 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 Xiandai Investment will offset losses from the drop in Xiandai Investment's long position.| Ping An vs. Beijing Kaiwen Education | Ping An vs. Jiangsu Phoenix Publishing | Ping An vs. Yili Chuanning Biotechnology | Ping An vs. Changjiang Publishing Media |
| Xiandai Investment vs. BTG Hotels Group | Xiandai Investment vs. Guangzhou Dongfang Hotel | Xiandai Investment vs. Guangxi Wuzhou Communications | Xiandai Investment vs. Jinling Hotel Corp |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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