Correlation Between Ping An and By Health
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By analyzing existing cross correlation between Ping An Insurance and By health, you can compare the effects of market volatilities on Ping An and By Health 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 By Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and By Health.
Diversification Opportunities for Ping An and By Health
Almost no diversification
The 3 months correlation between Ping and 300146 is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and By health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on By health 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 By Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of By health has no effect on the direction of Ping An i.e., Ping An and By Health go up and down completely randomly.
Pair Corralation between Ping An and By Health
Assuming the 90 days trading horizon Ping An Insurance is expected to under-perform the By Health. In addition to that, Ping An is 1.03 times more volatile than By health. It trades about -0.16 of its total potential returns per unit of risk. By health is currently generating about -0.11 per unit of volatility. If you would invest 1,306 in By health on August 29, 2024 and sell it today you would lose (71.00) from holding By health or give up 5.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. By health
Performance |
| Timeline |
| Ping An Insurance |
| By health |
Ping An and By Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and By Health
The main advantage of trading using opposite Ping An and By Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, By Health 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 By Health will offset losses from the drop in By Health'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 |
| By Health vs. PetroChina Co Ltd | By Health vs. China Mobile Limited | By Health vs. Ping An Insurance | By Health vs. China Petroleum Chemical |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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