Correlation Between Ping An and Blue Sail
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By analyzing existing cross correlation between Ping An Insurance and Blue Sail Medical, you can compare the effects of market volatilities on Ping An and Blue Sail 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 Blue Sail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Blue Sail.
Diversification Opportunities for Ping An and Blue Sail
Almost no diversification
The 3 months correlation between Ping and Blue is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Blue Sail Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blue Sail Medical 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 Blue Sail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blue Sail Medical has no effect on the direction of Ping An i.e., Ping An and Blue Sail go up and down completely randomly.
Pair Corralation between Ping An and Blue Sail
Assuming the 90 days trading horizon Ping An Insurance is expected to generate 1.03 times more return on investment than Blue Sail. However, Ping An is 1.03 times more volatile than Blue Sail Medical. It trades about 0.09 of its potential returns per unit of risk. Blue Sail Medical is currently generating about 0.04 per unit of risk. If you would invest 4,307 in Ping An Insurance on August 29, 2024 and sell it today you would earn a total of 1,048 from holding Ping An Insurance or generate 24.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Blue Sail Medical
Performance |
| Timeline |
| Ping An Insurance |
| Blue Sail Medical |
Ping An and Blue Sail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Blue Sail
The main advantage of trading using opposite Ping An and Blue Sail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Blue Sail 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 Blue Sail will offset losses from the drop in Blue Sail's long position.| Ping An vs. Kweichow Moutai Co | Ping An vs. Contemporary Amperex Technology | Ping An vs. G bits Network Technology | Ping An vs. BYD Co Ltd |
| Blue Sail vs. Industrial and Commercial | Blue Sail vs. China Construction Bank | Blue Sail vs. Agricultural Bank of | Blue Sail vs. Bank of China |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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