Correlation Between GRIPM Advanced and Ping An
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By analyzing existing cross correlation between GRIPM Advanced Materials and Ping An Bank, you can compare the effects of market volatilities on GRIPM Advanced 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 GRIPM Advanced with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIPM Advanced and Ping An.
Diversification Opportunities for GRIPM Advanced and Ping An
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between GRIPM and Ping is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding GRIPM Advanced Materials and Ping An Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ping An Bank and GRIPM Advanced 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 GRIPM Advanced Materials 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 Bank has no effect on the direction of GRIPM Advanced i.e., GRIPM Advanced and Ping An go up and down completely randomly.
Pair Corralation between GRIPM Advanced and Ping An
Assuming the 90 days trading horizon GRIPM Advanced Materials is expected to generate 1.93 times more return on investment than Ping An. However, GRIPM Advanced is 1.93 times more volatile than Ping An Bank. It trades about 0.08 of its potential returns per unit of risk. Ping An Bank is currently generating about -0.05 per unit of risk. If you would invest 2,979 in GRIPM Advanced Materials on August 30, 2024 and sell it today you would earn a total of 132.00 from holding GRIPM Advanced Materials or generate 4.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRIPM Advanced Materials vs. Ping An Bank
Performance |
| Timeline |
| GRIPM Advanced Materials |
| Ping An Bank |
GRIPM Advanced and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIPM Advanced and Ping An
The main advantage of trading using opposite GRIPM Advanced and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIPM Advanced 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.| GRIPM Advanced vs. Zijin Mining Group | GRIPM Advanced vs. Wanhua Chemical Group | GRIPM Advanced vs. Baoshan Iron Steel | GRIPM Advanced vs. Shandong Gold Mining |
| Ping An vs. Mango Excellent Media | Ping An vs. Threes Company Media | Ping An vs. Shanxi Lanhua Sci Tech | Ping An vs. Oriental Times Media |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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