Correlation Between Ping An and Northern United
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By analyzing existing cross correlation between Ping An Insurance and Northern United Publishing, you can compare the effects of market volatilities on Ping An and Northern United 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 Northern United. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Northern United.
Diversification Opportunities for Ping An and Northern United
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ping and Northern is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Northern United Publishing in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Northern United Publ 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 Northern United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Northern United Publ has no effect on the direction of Ping An i.e., Ping An and Northern United go up and down completely randomly.
Pair Corralation between Ping An and Northern United
Assuming the 90 days trading horizon Ping An Insurance is expected to generate 0.35 times more return on investment than Northern United. However, Ping An Insurance is 2.88 times less risky than Northern United. It trades about 0.0 of its potential returns per unit of risk. Northern United Publishing is currently generating about -0.06 per unit of risk. If you would invest 5,355 in Ping An Insurance on September 28, 2024 and sell it today you would lose (10.00) from holding Ping An Insurance or give up 0.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Northern United Publishing
Performance |
| Timeline |
| Ping An Insurance |
| Northern United Publ |
Ping An and Northern United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Northern United
The main advantage of trading using opposite Ping An and Northern United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Northern United 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 Northern United will offset losses from the drop in Northern United's long position.| Ping An vs. Kweichow Moutai Co | Ping An vs. Shenzhen Mindray Bio Medical | Ping An vs. Jiangsu Pacific Quartz | Ping An vs. G bits Network Technology |
| Northern United vs. PetroChina Co Ltd | Northern United vs. China Mobile Limited | Northern United vs. CNOOC Limited | Northern United 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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