Correlation Between Ping An and Ciwen Media
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By analyzing existing cross correlation between Ping An Insurance and Ciwen Media Co, you can compare the effects of market volatilities on Ping An and Ciwen Media 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 Ciwen Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Ciwen Media.
Diversification Opportunities for Ping An and Ciwen Media
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ping and Ciwen is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Ciwen Media Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ciwen Media 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 Ciwen Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ciwen Media has no effect on the direction of Ping An i.e., Ping An and Ciwen Media go up and down completely randomly.
Pair Corralation between Ping An and Ciwen Media
Assuming the 90 days trading horizon Ping An Insurance is expected to under-perform the Ciwen Media. But the stock apears to be less risky and, when comparing its historical volatility, Ping An Insurance is 1.8 times less risky than Ciwen Media. The stock trades about -0.16 of its potential returns per unit of risk. The Ciwen Media Co is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 681.00 in Ciwen Media Co on August 29, 2024 and sell it today you would earn a total of 29.00 from holding Ciwen Media Co or generate 4.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Ciwen Media Co
Performance |
| Timeline |
| Ping An Insurance |
| Ciwen Media |
Ping An and Ciwen Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Ciwen Media
The main advantage of trading using opposite Ping An and Ciwen Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Ciwen Media 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 Ciwen Media will offset losses from the drop in Ciwen Media's long position.| Ping An vs. Ming Yang Smart | Ping An vs. 159681 | Ping An vs. 159005 | Ping An vs. Loctek Ergonomic Technology |
| Ciwen Media vs. Agricultural Bank of | Ciwen Media vs. Industrial and Commercial | Ciwen Media vs. Bank of China | Ciwen Media vs. PetroChina Co Ltd |
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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