Correlation Between Peoples Insurance and Lens Technology
Specify exactly 2 symbols:
By analyzing existing cross correlation between Peoples Insurance of and Lens Technology Co, you can compare the effects of market volatilities on Peoples Insurance and Lens Technology 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 Lens Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Peoples Insurance and Lens Technology.
Diversification Opportunities for Peoples Insurance and Lens Technology
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Peoples and Lens is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Peoples Insurance of and Lens Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lens Technology 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 Lens Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lens Technology has no effect on the direction of Peoples Insurance i.e., Peoples Insurance and Lens Technology go up and down completely randomly.
Pair Corralation between Peoples Insurance and Lens Technology
Assuming the 90 days trading horizon Peoples Insurance of is expected to under-perform the Lens Technology. But the stock apears to be less risky and, when comparing its historical volatility, Peoples Insurance of is 2.33 times less risky than Lens Technology. The stock trades about -0.01 of its potential returns per unit of risk. The Lens Technology Co is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 2,065 in Lens Technology Co on October 30, 2024 and sell it today you would earn a total of 536.00 from holding Lens Technology Co or generate 25.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.62% |
| Values | Daily Returns |
Peoples Insurance of vs. Lens Technology Co
Performance |
| Timeline |
| Peoples Insurance |
| Lens Technology |
Peoples Insurance and Lens Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Peoples Insurance and Lens Technology
The main advantage of trading using opposite Peoples Insurance and Lens Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Peoples Insurance position performs unexpectedly, Lens Technology 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 Lens Technology will offset losses from the drop in Lens Technology's long position.| Peoples Insurance vs. Qtone Education Group | Peoples Insurance vs. Xiamen Jihong Package | Peoples Insurance vs. Chinese Universe Publishing | Peoples Insurance vs. China Publishing Media |
| Lens Technology vs. Maccura Biotechnology Co | Lens Technology vs. Jiangsu Hoperun Software | Lens Technology vs. Dhc Software Co | Lens Technology vs. Jinhe Biotechnology 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |