Correlation Between Peoples Insurance and Nanjing OLO
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By analyzing existing cross correlation between Peoples Insurance of and Nanjing OLO Home, you can compare the effects of market volatilities on Peoples Insurance and Nanjing OLO 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 Nanjing OLO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Peoples Insurance and Nanjing OLO.
Diversification Opportunities for Peoples Insurance and Nanjing OLO
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Peoples and Nanjing is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Peoples Insurance of and Nanjing OLO Home in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nanjing OLO Home 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 Nanjing OLO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nanjing OLO Home has no effect on the direction of Peoples Insurance i.e., Peoples Insurance and Nanjing OLO go up and down completely randomly.
Pair Corralation between Peoples Insurance and Nanjing OLO
Assuming the 90 days trading horizon Peoples Insurance of is expected to under-perform the Nanjing OLO. But the stock apears to be less risky and, when comparing its historical volatility, Peoples Insurance of is 1.3 times less risky than Nanjing OLO. The stock trades about -0.01 of its potential returns per unit of risk. The Nanjing OLO Home is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 607.00 in Nanjing OLO Home on November 3, 2024 and sell it today you would earn a total of 24.00 from holding Nanjing OLO Home or generate 3.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Peoples Insurance of vs. Nanjing OLO Home
Performance |
| Timeline |
| Peoples Insurance |
| Nanjing OLO Home |
Peoples Insurance and Nanjing OLO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Peoples Insurance and Nanjing OLO
The main advantage of trading using opposite Peoples Insurance and Nanjing OLO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Peoples Insurance position performs unexpectedly, Nanjing OLO 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 Nanjing OLO will offset losses from the drop in Nanjing OLO's long position.| Peoples Insurance vs. CIMC Vehicles Co | Peoples Insurance vs. Guocheng Mining Co | Peoples Insurance vs. Iat Automobile Technology | Peoples Insurance vs. Shengda Mining Co |
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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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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