Correlation Between Ping An and Threes Company
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By analyzing existing cross correlation between Ping An Insurance and Threes Company Media, you can compare the effects of market volatilities on Ping An and Threes Company 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 Threes Company. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Threes Company.
Diversification Opportunities for Ping An and Threes Company
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ping and Threes is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Threes Company Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Threes Company 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 Threes Company. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Threes Company has no effect on the direction of Ping An i.e., Ping An and Threes Company go up and down completely randomly.
Pair Corralation between Ping An and Threes Company
Assuming the 90 days trading horizon Ping An Insurance is expected to generate 0.46 times more return on investment than Threes Company. However, Ping An Insurance is 2.18 times less risky than Threes Company. It trades about 0.01 of its potential returns per unit of risk. Threes Company Media is currently generating about -0.02 per unit of risk. If you would invest 4,992 in Ping An Insurance on October 19, 2024 and sell it today you would lose (54.00) from holding Ping An Insurance or give up 1.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Threes Company Media
Performance |
| Timeline |
| Ping An Insurance |
| Threes Company |
Ping An and Threes Company Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Threes Company
The main advantage of trading using opposite Ping An and Threes Company positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Threes Company 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 Threes Company will offset losses from the drop in Threes Company's long position.| Ping An vs. Runjian Communication Co | Ping An vs. Ligao Foods CoLtd | Ping An vs. Dongfeng Automobile Co | Ping An vs. Fiberhome Telecommunication Technologies |
| Threes Company vs. Shengda Mining Co | Threes Company vs. JCHX Mining Management | Threes Company vs. Guocheng Mining Co | Threes Company vs. Chongqing Brewery Co |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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