Correlation Between Peoples Insurance and Anhui Shiny
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By analyzing existing cross correlation between Peoples Insurance of and Anhui Shiny Electronic, you can compare the effects of market volatilities on Peoples Insurance and Anhui Shiny 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 Anhui Shiny. Check out your portfolio center. Please also check ongoing floating volatility patterns of Peoples Insurance and Anhui Shiny.
Diversification Opportunities for Peoples Insurance and Anhui Shiny
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Peoples and Anhui is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Peoples Insurance of and Anhui Shiny Electronic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anhui Shiny Electronic 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 Anhui Shiny. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anhui Shiny Electronic has no effect on the direction of Peoples Insurance i.e., Peoples Insurance and Anhui Shiny go up and down completely randomly.
Pair Corralation between Peoples Insurance and Anhui Shiny
Assuming the 90 days trading horizon Peoples Insurance of is expected to under-perform the Anhui Shiny. But the stock apears to be less risky and, when comparing its historical volatility, Peoples Insurance of is 2.01 times less risky than Anhui Shiny. The stock trades about -0.19 of its potential returns per unit of risk. The Anhui Shiny Electronic is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 2,154 in Anhui Shiny Electronic on October 31, 2024 and sell it today you would lose (70.00) from holding Anhui Shiny Electronic or give up 3.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Peoples Insurance of vs. Anhui Shiny Electronic
Performance |
| Timeline |
| Peoples Insurance |
| Anhui Shiny Electronic |
Peoples Insurance and Anhui Shiny Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Peoples Insurance and Anhui Shiny
The main advantage of trading using opposite Peoples Insurance and Anhui Shiny positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Peoples Insurance position performs unexpectedly, Anhui Shiny 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 Anhui Shiny will offset losses from the drop in Anhui Shiny's long position.| Peoples Insurance vs. Fiberhome Telecommunication Technologies | Peoples Insurance vs. Zhangjiagang Elegant Home | Peoples Insurance vs. NBTM New Materials | Peoples Insurance vs. UE Furniture Co |
| Anhui Shiny vs. Eyebright Medical Technology | Anhui Shiny vs. Zhejiang Yongjin Metal | Anhui Shiny vs. Hainan Mining Co | Anhui Shiny vs. ROPEOK Technology Group |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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