Correlation Between Ping An and Great-Sun Foods
Specify exactly 2 symbols:
By analyzing existing cross correlation between Ping An Insurance and Great Sun Foods Co, you can compare the effects of market volatilities on Ping An and Great-Sun Foods 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 Great-Sun Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Great-Sun Foods.
Diversification Opportunities for Ping An and Great-Sun Foods
0.6 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Ping and Great-Sun is 0.6. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Great Sun Foods Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Great Sun Foods 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 Great-Sun Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Great Sun Foods has no effect on the direction of Ping An i.e., Ping An and Great-Sun Foods go up and down completely randomly.
Pair Corralation between Ping An and Great-Sun Foods
Assuming the 90 days trading horizon Ping An Insurance is expected to generate 0.51 times more return on investment than Great-Sun Foods. However, Ping An Insurance is 1.98 times less risky than Great-Sun Foods. It trades about 0.14 of its potential returns per unit of risk. Great Sun Foods Co is currently generating about 0.03 per unit of risk. If you would invest 5,085 in Ping An Insurance on November 27, 2024 and sell it today you would earn a total of 115.00 from holding Ping An Insurance or generate 2.26% 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. Great Sun Foods Co
Performance |
| Timeline |
| Ping An Insurance |
| Great Sun Foods |
Ping An and Great-Sun Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Great-Sun Foods
The main advantage of trading using opposite Ping An and Great-Sun Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Great-Sun Foods 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 Great-Sun Foods will offset losses from the drop in Great-Sun Foods' long position.| Ping An vs. Central China Land | Ping An vs. Changjiang Publishing Media | Ping An vs. Ningbo Bohui Chemical | Ping An vs. Lander Sports Development |
| Great-Sun Foods vs. Jiangsu Phoenix Publishing | Great-Sun Foods vs. Shanghai Action Education | Great-Sun Foods vs. Cultural Investment Holdings | Great-Sun Foods vs. Luyin Investment Group |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |