Correlation Between Peoples Insurance and Qi An
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By analyzing existing cross correlation between Peoples Insurance of and Qi An Xin, you can compare the effects of market volatilities on Peoples Insurance and Qi An 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 Qi An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Peoples Insurance and Qi An.
Diversification Opportunities for Peoples Insurance and Qi An
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Peoples and 688561 is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Peoples Insurance of and Qi An Xin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qi An Xin 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 Qi An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qi An Xin has no effect on the direction of Peoples Insurance i.e., Peoples Insurance and Qi An go up and down completely randomly.
Pair Corralation between Peoples Insurance and Qi An
Assuming the 90 days trading horizon Peoples Insurance of is expected to generate 0.58 times more return on investment than Qi An. However, Peoples Insurance of is 1.73 times less risky than Qi An. It trades about 0.05 of its potential returns per unit of risk. Qi An Xin is currently generating about -0.04 per unit of risk. If you would invest 519.00 in Peoples Insurance of on September 3, 2024 and sell it today you would earn a total of 205.00 from holding Peoples Insurance of or generate 39.5% 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. Qi An Xin
Performance |
| Timeline |
| Peoples Insurance |
| Qi An Xin |
Peoples Insurance and Qi An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Peoples Insurance and Qi An
The main advantage of trading using opposite Peoples Insurance and Qi An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Peoples Insurance position performs unexpectedly, Qi An 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 Qi An will offset losses from the drop in Qi An's long position.| Peoples Insurance vs. Bomin Electronics Co | Peoples Insurance vs. Leyard Optoelectronic | Peoples Insurance vs. Epoxy Base Electronic | Peoples Insurance vs. Renxin New Material |
| Qi An vs. Haima Automobile Group | Qi An vs. Dongfeng Automobile Co | Qi An vs. Anhui Jianghuai Automobile | Qi An vs. Peoples Insurance of |
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 CEOs Directory module to screen CEOs from public companies around the world.
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