Correlation Between Ping An and Maccura Biotechnology
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By analyzing existing cross correlation between Ping An Insurance and Maccura Biotechnology Co, you can compare the effects of market volatilities on Ping An and Maccura Biotechnology 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 Maccura Biotechnology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Maccura Biotechnology.
Diversification Opportunities for Ping An and Maccura Biotechnology
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ping and Maccura is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Maccura Biotechnology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Maccura Biotechnology 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 Maccura Biotechnology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Maccura Biotechnology has no effect on the direction of Ping An i.e., Ping An and Maccura Biotechnology go up and down completely randomly.
Pair Corralation between Ping An and Maccura Biotechnology
Assuming the 90 days trading horizon Ping An Insurance is expected to under-perform the Maccura Biotechnology. But the stock apears to be less risky and, when comparing its historical volatility, Ping An Insurance is 1.02 times less risky than Maccura Biotechnology. The stock trades about -0.18 of its potential returns per unit of risk. The Maccura Biotechnology Co is currently generating about -0.01 of returns per unit of risk over similar time horizon. If you would invest 1,396 in Maccura Biotechnology Co on August 25, 2024 and sell it today you would lose (12.00) from holding Maccura Biotechnology Co or give up 0.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Ping An Insurance vs. Maccura Biotechnology Co
Performance |
| Timeline |
| Ping An Insurance |
| Maccura Biotechnology |
Ping An and Maccura Biotechnology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Maccura Biotechnology
The main advantage of trading using opposite Ping An and Maccura Biotechnology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Maccura Biotechnology 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 Maccura Biotechnology will offset losses from the drop in Maccura Biotechnology's long position.| Ping An vs. Ming Yang Smart | Ping An vs. 159681 | Ping An vs. 159005 | Ping An vs. Loctek Ergonomic Technology |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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