Correlation Between Cogent Communications and Ping An
Can any of the company-specific risk be diversified away by investing in both Cogent Communications and Ping An at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Cogent Communications and Ping An into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cogent Communications Holdings and Ping An Healthcare, you can compare the effects of market volatilities on Cogent Communications 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 Cogent Communications with a short position of Ping An. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cogent Communications and Ping An.
Diversification Opportunities for Cogent Communications and Ping An
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cogent and Ping is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cogent Communications Holdings and Ping An Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ping An Healthcare and Cogent Communications 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 Cogent Communications Holdings 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 Healthcare has no effect on the direction of Cogent Communications i.e., Cogent Communications and Ping An go up and down completely randomly.
Pair Corralation between Cogent Communications and Ping An
If you would invest 0.00 in Ping An Healthcare on September 21, 2024 and sell it today you would earn a total of 0.00 from holding Ping An Healthcare or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Cogent Communications Holdings vs. Ping An Healthcare
Performance |
| Timeline |
| Cogent Communications |
| Ping An Healthcare |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Cogent Communications and Ping An Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cogent Communications and Ping An
The main advantage of trading using opposite Cogent Communications and Ping An positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cogent Communications 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.| Cogent Communications vs. GungHo Online Entertainment | Cogent Communications vs. InPlay Oil Corp | Cogent Communications vs. PLAYSTUDIOS A DL 0001 | Cogent Communications vs. Pembina Pipeline Corp |
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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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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