Correlation Between Ping An and Soyea Technology
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By analyzing existing cross correlation between Ping An Insurance and Soyea Technology Co, you can compare the effects of market volatilities on Ping An and Soyea Technology 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 Soyea Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Soyea Technology.
Diversification Opportunities for Ping An and Soyea Technology
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ping and Soyea is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Soyea Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Soyea Technology 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 Soyea Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Soyea Technology has no effect on the direction of Ping An i.e., Ping An and Soyea Technology go up and down completely randomly.
Pair Corralation between Ping An and Soyea Technology
Assuming the 90 days trading horizon Ping An Insurance is expected to generate 0.64 times more return on investment than Soyea Technology. However, Ping An Insurance is 1.56 times less risky than Soyea Technology. It trades about 0.03 of its potential returns per unit of risk. Soyea Technology Co is currently generating about -0.02 per unit of risk. If you would invest 4,529 in Ping An Insurance on August 28, 2024 and sell it today you would earn a total of 728.00 from holding Ping An Insurance or generate 16.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Soyea Technology Co
Performance |
| Timeline |
| Ping An Insurance |
| Soyea Technology |
Ping An and Soyea Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Soyea Technology
The main advantage of trading using opposite Ping An and Soyea Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Soyea Technology 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 Soyea Technology will offset losses from the drop in Soyea Technology's long position.| Ping An vs. Ming Yang Smart | Ping An vs. 159681 | Ping An vs. 159005 | Ping An vs. Loctek Ergonomic Technology |
| Soyea Technology vs. Jiangxi Hengda Hi Tech | Soyea Technology vs. Youyou Foods Co | Soyea Technology vs. Fujian Newland Computer | Soyea Technology vs. Nanjing Putian Telecommunications |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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