Correlation Between Ping An and Jiangsu Broadcasting
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ping An Insurance and Jiangsu Broadcasting Cable, you can compare the effects of market volatilities on Ping An and Jiangsu Broadcasting 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 Jiangsu Broadcasting. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Jiangsu Broadcasting.
Diversification Opportunities for Ping An and Jiangsu Broadcasting
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Ping and Jiangsu is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Jiangsu Broadcasting Cable in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Broadcasting 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 Jiangsu Broadcasting. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Broadcasting has no effect on the direction of Ping An i.e., Ping An and Jiangsu Broadcasting go up and down completely randomly.
Pair Corralation between Ping An and Jiangsu Broadcasting
Assuming the 90 days trading horizon Ping An is expected to generate 1.07 times less return on investment than Jiangsu Broadcasting. In addition to that, Ping An is 1.18 times more volatile than Jiangsu Broadcasting Cable. It trades about 0.09 of its total potential returns per unit of risk. Jiangsu Broadcasting Cable is currently generating about 0.11 per unit of volatility. If you would invest 284.00 in Jiangsu Broadcasting Cable on September 2, 2024 and sell it today you would earn a total of 74.00 from holding Jiangsu Broadcasting Cable or generate 26.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Jiangsu Broadcasting Cable
Performance |
| Timeline |
| Ping An Insurance |
| Jiangsu Broadcasting |
Ping An and Jiangsu Broadcasting Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Jiangsu Broadcasting
The main advantage of trading using opposite Ping An and Jiangsu Broadcasting positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Jiangsu Broadcasting 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 Jiangsu Broadcasting will offset losses from the drop in Jiangsu Broadcasting's long position.| Ping An vs. Mingchen Health Co | Ping An vs. Hangzhou Minsheng Healthcare | Ping An vs. By health | Ping An vs. Shandong Longquan Pipeline |
| Jiangsu Broadcasting vs. Lutian Machinery Co | Jiangsu Broadcasting vs. China Longyuan Power | Jiangsu Broadcasting vs. PetroChina Co Ltd | Jiangsu Broadcasting 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 Portfolio Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Positions Ratings 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 |