Correlation Between Ping An and Shanghai V
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By analyzing existing cross correlation between Ping An Insurance and Shanghai V Test Semiconductor, you can compare the effects of market volatilities on Ping An and Shanghai V 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 Shanghai V. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Shanghai V.
Diversification Opportunities for Ping An and Shanghai V
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Ping and Shanghai is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Shanghai V Test Semiconductor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai V Test 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 Shanghai V. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai V Test has no effect on the direction of Ping An i.e., Ping An and Shanghai V go up and down completely randomly.
Pair Corralation between Ping An and Shanghai V
Assuming the 90 days trading horizon Ping An Insurance is expected to under-perform the Shanghai V. But the stock apears to be less risky and, when comparing its historical volatility, Ping An Insurance is 2.67 times less risky than Shanghai V. The stock trades about -0.08 of its potential returns per unit of risk. The Shanghai V Test Semiconductor is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 6,300 in Shanghai V Test Semiconductor on October 30, 2024 and sell it today you would earn a total of 790.00 from holding Shanghai V Test Semiconductor or generate 12.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ping An Insurance vs. Shanghai V Test Semiconductor
Performance |
| Timeline |
| Ping An Insurance |
| Shanghai V Test |
Ping An and Shanghai V Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ping An and Shanghai V
The main advantage of trading using opposite Ping An and Shanghai V positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Shanghai V 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 Shanghai V will offset losses from the drop in Shanghai V's long position.| Ping An vs. Xiamen Jihong Package | Ping An vs. Kingclean Electric Co | Ping An vs. Beijing Sanyuan Foods | Ping An vs. Shaanxi Meineng Clean |
| Shanghai V vs. Yili Chuanning Biotechnology | Shanghai V vs. Beijing Seeyon Internet | Shanghai V vs. Runjian Communication Co | Shanghai V vs. Zhejiang JIULI Hi tech |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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