Correlation Between Ping An and Yoantion Industrial
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By analyzing existing cross correlation between Ping An Insurance and Yoantion Industrial IncLtd, you can compare the effects of market volatilities on Ping An and Yoantion Industrial 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 Yoantion Industrial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Yoantion Industrial.
Diversification Opportunities for Ping An and Yoantion Industrial
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ping and Yoantion is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Yoantion Industrial IncLtd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yoantion 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 Yoantion Industrial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yoantion Industrial has no effect on the direction of Ping An i.e., Ping An and Yoantion Industrial go up and down completely randomly.
Pair Corralation between Ping An and Yoantion Industrial
Assuming the 90 days trading horizon Ping An is expected to generate 2.47 times less return on investment than Yoantion Industrial. But when comparing it to its historical volatility, Ping An Insurance is 2.04 times less risky than Yoantion Industrial. It trades about 0.05 of its potential returns per unit of risk. Yoantion Industrial IncLtd is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 1,462 in Yoantion Industrial IncLtd on November 3, 2024 and sell it today you would earn a total of 669.00 from holding Yoantion Industrial IncLtd or generate 45.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Yoantion Industrial IncLtd
Performance |
| Timeline |
| Ping An Insurance |
| Yoantion Industrial |
Ping An and Yoantion Industrial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Yoantion Industrial
The main advantage of trading using opposite Ping An and Yoantion Industrial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Yoantion Industrial 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 Yoantion Industrial will offset losses from the drop in Yoantion Industrial's long position.| Ping An vs. Zijin Mining Group | Ping An vs. Jinhui Mining Co | Ping An vs. Huaibei Mining Holdings | Ping An vs. JCHX Mining Management |
| Yoantion Industrial vs. Aluminum Corp of | Yoantion Industrial vs. Youngy Health Co | Yoantion Industrial vs. Dezhan HealthCare Co | Yoantion Industrial vs. Goodwill E Health |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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