Correlation Between Ping An and Zhuzhou Kibing
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By analyzing existing cross correlation between Ping An Insurance and Zhuzhou Kibing Group, you can compare the effects of market volatilities on Ping An and Zhuzhou Kibing 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 Zhuzhou Kibing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Zhuzhou Kibing.
Diversification Opportunities for Ping An and Zhuzhou Kibing
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ping and Zhuzhou is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Zhuzhou Kibing Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhuzhou Kibing Group 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 Zhuzhou Kibing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhuzhou Kibing Group has no effect on the direction of Ping An i.e., Ping An and Zhuzhou Kibing go up and down completely randomly.
Pair Corralation between Ping An and Zhuzhou Kibing
Assuming the 90 days trading horizon Ping An Insurance is expected to under-perform the Zhuzhou Kibing. But the stock apears to be less risky and, when comparing its historical volatility, Ping An Insurance is 1.22 times less risky than Zhuzhou Kibing. The stock trades about -0.11 of its potential returns per unit of risk. The Zhuzhou Kibing Group is currently generating about -0.09 of returns per unit of risk over similar time horizon. If you would invest 660.00 in Zhuzhou Kibing Group on September 13, 2024 and sell it today you would lose (23.00) from holding Zhuzhou Kibing Group or give up 3.48% 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. Zhuzhou Kibing Group
Performance |
| Timeline |
| Ping An Insurance |
| Zhuzhou Kibing Group |
Ping An and Zhuzhou Kibing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Zhuzhou Kibing
The main advantage of trading using opposite Ping An and Zhuzhou Kibing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Zhuzhou Kibing 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 Zhuzhou Kibing will offset losses from the drop in Zhuzhou Kibing's long position.| Ping An vs. BYD Co Ltd | Ping An vs. China Mobile Limited | Ping An vs. Agricultural Bank of | Ping An vs. Industrial and Commercial |
| Zhuzhou Kibing vs. PetroChina Co Ltd | Zhuzhou Kibing vs. China Mobile Limited | Zhuzhou Kibing vs. CNOOC Limited | Zhuzhou Kibing 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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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