Correlation Between Montage Technology and Ping An
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By analyzing existing cross correlation between Montage Technology Co and Ping An Insurance, you can compare the effects of market volatilities on Montage Technology 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 Montage Technology with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Montage Technology and Ping An.
Diversification Opportunities for Montage Technology and Ping An
0.23 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Montage and Ping is 0.23. Overlapping area represents the amount of risk that can be diversified away by holding Montage Technology 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 Montage Technology 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 Montage Technology 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 Montage Technology i.e., Montage Technology and Ping An go up and down completely randomly.
Pair Corralation between Montage Technology and Ping An
Assuming the 90 days trading horizon Montage Technology Co is expected to generate 1.72 times more return on investment than Ping An. However, Montage Technology is 1.72 times more volatile than Ping An Insurance. It trades about 0.02 of its potential returns per unit of risk. Ping An Insurance is currently generating about 0.01 per unit of risk. If you would invest 5,952 in Montage Technology Co on October 16, 2024 and sell it today you would earn a total of 339.00 from holding Montage Technology Co or generate 5.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Montage Technology Co vs. Ping An Insurance
Performance |
| Timeline |
| Montage Technology |
| Ping An Insurance |
Montage Technology and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Montage Technology and Ping An
The main advantage of trading using opposite Montage Technology and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Montage Technology 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.| Montage Technology vs. Ningbo Kangqiang Electronics | Montage Technology vs. Success Electronics | Montage Technology vs. HeBei Jinniu Chemical | Montage Technology vs. Ningxia Younglight Chemicals |
| Ping An vs. Sinofibers Technology Co | Ping An vs. Montage Technology Co | Ping An vs. HUAQIN TECHNOLOGY LTD | Ping An vs. GreenTech Environmental Co |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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