Correlation Between Peoples Insurance and CNPC Capital
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By analyzing existing cross correlation between Peoples Insurance of and CNPC Capital Co, you can compare the effects of market volatilities on Peoples Insurance and CNPC Capital 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 Peoples Insurance with a short position of CNPC Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Peoples Insurance and CNPC Capital.
Diversification Opportunities for Peoples Insurance and CNPC Capital
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Peoples and CNPC is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Peoples Insurance of and CNPC Capital Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNPC Capital and Peoples Insurance 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 Peoples Insurance of are associated (or correlated) with CNPC Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CNPC Capital has no effect on the direction of Peoples Insurance i.e., Peoples Insurance and CNPC Capital go up and down completely randomly.
Pair Corralation between Peoples Insurance and CNPC Capital
Assuming the 90 days trading horizon Peoples Insurance of is expected to generate 0.6 times more return on investment than CNPC Capital. However, Peoples Insurance of is 1.66 times less risky than CNPC Capital. It trades about 0.04 of its potential returns per unit of risk. CNPC Capital Co is currently generating about 0.02 per unit of risk. If you would invest 508.00 in Peoples Insurance of on October 15, 2024 and sell it today you would earn a total of 164.00 from holding Peoples Insurance of or generate 32.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Peoples Insurance of vs. CNPC Capital Co
Performance |
| Timeline |
| Peoples Insurance |
| CNPC Capital |
Peoples Insurance and CNPC Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Peoples Insurance and CNPC Capital
The main advantage of trading using opposite Peoples Insurance and CNPC Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Peoples Insurance position performs unexpectedly, CNPC Capital 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 CNPC Capital will offset losses from the drop in CNPC Capital's long position.| Peoples Insurance vs. Shanghai CEO Environmental | Peoples Insurance vs. AVIC Fund Management | Peoples Insurance vs. Allmed Medical Products | Peoples Insurance vs. BrightGene Bio Medical |
| CNPC Capital vs. Xinjiang Baodi Mining | CNPC Capital vs. Chengtun Mining Group | CNPC Capital vs. Zoje Resources Investment | CNPC Capital vs. Jointo Energy Investment |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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