Correlation Between Peoples Insurance and Autek China
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By analyzing existing cross correlation between Peoples Insurance of and Autek China, you can compare the effects of market volatilities on Peoples Insurance and Autek China 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 Autek China. Check out your portfolio center. Please also check ongoing floating volatility patterns of Peoples Insurance and Autek China.
Diversification Opportunities for Peoples Insurance and Autek China
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Peoples and Autek is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Peoples Insurance of and Autek China in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Autek China 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 Autek China. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Autek China has no effect on the direction of Peoples Insurance i.e., Peoples Insurance and Autek China go up and down completely randomly.
Pair Corralation between Peoples Insurance and Autek China
Assuming the 90 days trading horizon Peoples Insurance of is expected to generate 0.56 times more return on investment than Autek China. However, Peoples Insurance of is 1.78 times less risky than Autek China. It trades about 0.11 of its potential returns per unit of risk. Autek China is currently generating about 0.0 per unit of risk. If you would invest 479.00 in Peoples Insurance of on September 12, 2024 and sell it today you would earn a total of 266.00 from holding Peoples Insurance of or generate 55.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Peoples Insurance of vs. Autek China
Performance |
| Timeline |
| Peoples Insurance |
| Autek China |
Peoples Insurance and Autek China Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Peoples Insurance and Autek China
The main advantage of trading using opposite Peoples Insurance and Autek China positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Peoples Insurance position performs unexpectedly, Autek China 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 Autek China will offset losses from the drop in Autek China's long position.| Peoples Insurance vs. China Petroleum Chemical | Peoples Insurance vs. PetroChina Co Ltd | Peoples Insurance vs. China Mobile Limited | Peoples Insurance vs. Industrial and Commercial |
| Autek China vs. Peoples Insurance of | Autek China vs. Guosheng Financial Holding | Autek China vs. Lier Chemical Co | Autek China vs. HeBei Jinniu Chemical |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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