Correlation Between Ping An and Jinling Hotel
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By analyzing existing cross correlation between Ping An Insurance and Jinling Hotel Corp, you can compare the effects of market volatilities on Ping An and Jinling Hotel 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 Jinling Hotel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Jinling Hotel.
Diversification Opportunities for Ping An and Jinling Hotel
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ping and Jinling is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Jinling Hotel Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jinling Hotel Corp 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 Jinling Hotel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jinling Hotel Corp has no effect on the direction of Ping An i.e., Ping An and Jinling Hotel go up and down completely randomly.
Pair Corralation between Ping An and Jinling Hotel
Assuming the 90 days trading horizon Ping An Insurance is expected to generate 1.03 times more return on investment than Jinling Hotel. However, Ping An is 1.03 times more volatile than Jinling Hotel Corp. It trades about 0.08 of its potential returns per unit of risk. Jinling Hotel Corp is currently generating about 0.05 per unit of risk. If you would invest 4,106 in Ping An Insurance on October 22, 2024 and sell it today you would earn a total of 832.00 from holding Ping An Insurance or generate 20.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Jinling Hotel Corp
Performance |
| Timeline |
| Ping An Insurance |
| Jinling Hotel Corp |
Ping An and Jinling Hotel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Jinling Hotel
The main advantage of trading using opposite Ping An and Jinling Hotel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Jinling Hotel 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 Jinling Hotel will offset losses from the drop in Jinling Hotel's long position.| Ping An vs. Chengdu Xinzhu RoadBridge | Ping An vs. Hainan Mining Co | Ping An vs. Hainan Haiqi Transportation | Ping An vs. Chengtun Mining Group |
| Jinling Hotel vs. Jiangsu Broadcasting Cable | Jinling Hotel vs. Anhui Transport Consulting | Jinling Hotel vs. Zhongshan Broad Ocean Motor | Jinling Hotel vs. Ping An Insurance |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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