Correlation Between Ping An and Dymatic Chemicals
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By analyzing existing cross correlation between Ping An Insurance and Dymatic Chemicals, you can compare the effects of market volatilities on Ping An and Dymatic Chemicals 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 Dymatic Chemicals. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Dymatic Chemicals.
Diversification Opportunities for Ping An and Dymatic Chemicals
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ping and Dymatic is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Dymatic Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dymatic Chemicals 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 Dymatic Chemicals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dymatic Chemicals has no effect on the direction of Ping An i.e., Ping An and Dymatic Chemicals go up and down completely randomly.
Pair Corralation between Ping An and Dymatic Chemicals
Assuming the 90 days trading horizon Ping An Insurance is expected to under-perform the Dymatic Chemicals. But the stock apears to be less risky and, when comparing its historical volatility, Ping An Insurance is 1.66 times less risky than Dymatic Chemicals. The stock trades about -0.18 of its potential returns per unit of risk. The Dymatic Chemicals is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 560.00 in Dymatic Chemicals on August 28, 2024 and sell it today you would earn a total of 132.00 from holding Dymatic Chemicals or generate 23.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Ping An Insurance vs. Dymatic Chemicals
Performance |
| Timeline |
| Ping An Insurance |
| Dymatic Chemicals |
Ping An and Dymatic Chemicals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Dymatic Chemicals
The main advantage of trading using opposite Ping An and Dymatic Chemicals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Dymatic Chemicals 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 Dymatic Chemicals will offset losses from the drop in Dymatic Chemicals' long position.| Ping An vs. Ming Yang Smart | Ping An vs. 159681 | Ping An vs. 159005 | Ping An vs. Loctek Ergonomic Technology |
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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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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