Correlation Between Jinhui Liquor and Ping An
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By analyzing existing cross correlation between Jinhui Liquor Co and Ping An Insurance, you can compare the effects of market volatilities on Jinhui Liquor and Ping 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 Jinhui Liquor with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinhui Liquor and Ping An.
Diversification Opportunities for Jinhui Liquor and Ping An
0.51 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jinhui and Ping is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Jinhui Liquor Co and Ping An Insurance in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ping An Insurance and Jinhui Liquor 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 Jinhui Liquor Co are associated (or correlated) with Ping An. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ping An Insurance has no effect on the direction of Jinhui Liquor i.e., Jinhui Liquor and Ping An go up and down completely randomly.
Pair Corralation between Jinhui Liquor and Ping An
Assuming the 90 days trading horizon Jinhui Liquor Co is expected to under-perform the Ping An. In addition to that, Jinhui Liquor is 1.24 times more volatile than Ping An Insurance. It trades about -0.02 of its total potential returns per unit of risk. Ping An Insurance is currently generating about 0.01 per unit of volatility. If you would invest 5,053 in Ping An Insurance on October 11, 2024 and sell it today you would lose (23.00) from holding Ping An Insurance or give up 0.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinhui Liquor Co vs. Ping An Insurance
Performance |
| Timeline |
| Jinhui Liquor |
| Ping An Insurance |
Jinhui Liquor and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinhui Liquor and Ping An
The main advantage of trading using opposite Jinhui Liquor and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinhui Liquor position performs unexpectedly, Ping 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 Ping An will offset losses from the drop in Ping An's long position.| Jinhui Liquor vs. Central Plains Environment | Jinhui Liquor vs. Xizi Clean Energy | Jinhui Liquor vs. Beijing Yanjing Brewery | Jinhui Liquor vs. City Development Environment |
| Ping An vs. Shandong Polymer Biochemicals | Ping An vs. Do Fluoride Chemicals Co | Ping An vs. Jinhui Liquor Co | Ping An vs. Dymatic Chemicals |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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