Correlation Between Ping An and Kingclean Electric
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By analyzing existing cross correlation between Ping An Insurance and Kingclean Electric Co, you can compare the effects of market volatilities on Ping An and Kingclean Electric 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 Kingclean Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Kingclean Electric.
Diversification Opportunities for Ping An and Kingclean Electric
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Ping and Kingclean is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Kingclean Electric Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kingclean Electric 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 Kingclean Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kingclean Electric has no effect on the direction of Ping An i.e., Ping An and Kingclean Electric go up and down completely randomly.
Pair Corralation between Ping An and Kingclean Electric
Assuming the 90 days trading horizon Ping An Insurance is expected to generate 1.16 times more return on investment than Kingclean Electric. However, Ping An is 1.16 times more volatile than Kingclean Electric Co. It trades about 0.14 of its potential returns per unit of risk. Kingclean Electric Co is currently generating about 0.03 per unit of risk. If you would invest 4,262 in Ping An Insurance on August 29, 2024 and sell it today you would earn a total of 1,043 from holding Ping An Insurance or generate 24.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Kingclean Electric Co
Performance |
| Timeline |
| Ping An Insurance |
| Kingclean Electric |
Ping An and Kingclean Electric Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Kingclean Electric
The main advantage of trading using opposite Ping An and Kingclean Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Kingclean Electric 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 Kingclean Electric will offset losses from the drop in Kingclean Electric's long position.| Ping An vs. Kweichow Moutai Co | Ping An vs. Contemporary Amperex Technology | Ping An vs. G bits Network Technology | Ping An vs. BYD Co Ltd |
| Kingclean Electric vs. Nanjing OLO Home | Kingclean Electric vs. Xilinmen Furniture Co | Kingclean Electric vs. Shandong Homey Aquatic | Kingclean Electric vs. Qumei Furniture 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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