Correlation Between Ping An and Bosera CMSK
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By analyzing existing cross correlation between Ping An Insurance and Bosera CMSK Industrial, you can compare the effects of market volatilities on Ping An and Bosera CMSK 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 Bosera CMSK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Bosera CMSK.
Diversification Opportunities for Ping An and Bosera CMSK
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Ping and Bosera is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Bosera CMSK Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bosera CMSK Industrial 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 Bosera CMSK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bosera CMSK Industrial has no effect on the direction of Ping An i.e., Ping An and Bosera CMSK go up and down completely randomly.
Pair Corralation between Ping An and Bosera CMSK
Assuming the 90 days trading horizon Ping An Insurance is expected to under-perform the Bosera CMSK. In addition to that, Ping An is 1.31 times more volatile than Bosera CMSK Industrial. It trades about -0.2 of its total potential returns per unit of risk. Bosera CMSK Industrial is currently generating about 0.41 per unit of volatility. If you would invest 205.00 in Bosera CMSK Industrial on October 30, 2024 and sell it today you would earn a total of 19.00 from holding Bosera CMSK Industrial or generate 9.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Bosera CMSK Industrial
Performance |
| Timeline |
| Ping An Insurance |
| Bosera CMSK Industrial |
Ping An and Bosera CMSK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Bosera CMSK
The main advantage of trading using opposite Ping An and Bosera CMSK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Bosera CMSK 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 Bosera CMSK will offset losses from the drop in Bosera CMSK's long position.| Ping An vs. Xiamen Jihong Package | Ping An vs. Kingclean Electric Co | Ping An vs. Beijing Sanyuan Foods | Ping An vs. Shaanxi Meineng Clean |
| Bosera CMSK vs. Gan Yuan Foods | Bosera CMSK vs. Namchow Food Group | Bosera CMSK vs. Guangdong Qunxing Toys | Bosera CMSK vs. Xiwang Foodstuffs Co |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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