Correlation Between Ping An and Yifeng Pharmacy
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By analyzing existing cross correlation between Ping An Insurance and Yifeng Pharmacy, you can compare the effects of market volatilities on Ping An and Yifeng Pharmacy 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 Yifeng Pharmacy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Yifeng Pharmacy.
Diversification Opportunities for Ping An and Yifeng Pharmacy
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ping and Yifeng is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Yifeng Pharmacy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yifeng Pharmacy 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 Yifeng Pharmacy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yifeng Pharmacy has no effect on the direction of Ping An i.e., Ping An and Yifeng Pharmacy go up and down completely randomly.
Pair Corralation between Ping An and Yifeng Pharmacy
Assuming the 90 days trading horizon Ping An Insurance is expected to generate 0.6 times more return on investment than Yifeng Pharmacy. However, Ping An Insurance is 1.67 times less risky than Yifeng Pharmacy. It trades about 0.04 of its potential returns per unit of risk. Yifeng Pharmacy is currently generating about -0.06 per unit of risk. If you would invest 4,316 in Ping An Insurance on December 4, 2024 and sell it today you would earn a total of 717.00 from holding Ping An Insurance or generate 16.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.58% |
| Values | Daily Returns |
Ping An Insurance vs. Yifeng Pharmacy
Performance |
| Timeline |
| Ping An Insurance |
| Yifeng Pharmacy |
Ping An and Yifeng Pharmacy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Yifeng Pharmacy
The main advantage of trading using opposite Ping An and Yifeng Pharmacy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Yifeng Pharmacy 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 Yifeng Pharmacy will offset losses from the drop in Yifeng Pharmacy's long position.| Ping An vs. Hua Hong Semiconductor | Ping An vs. Sihui Fuji Electronics | Ping An vs. Jiangxi Lianchuang Opto electronic | Ping An vs. Goke Microelectronics Co |
| Yifeng Pharmacy vs. Lander Sports Development | Yifeng Pharmacy vs. Miracll Chemicals Co | Yifeng Pharmacy vs. Shuhua Sports Co | Yifeng Pharmacy vs. Everdisplay Optronics Shanghai |
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 Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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