Correlation Between Pintec Technology and EQUINOR
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By analyzing existing cross correlation between Pintec Technology Holdings and EQUINOR ASA, you can compare the effects of market volatilities on Pintec Technology and EQUINOR 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 Pintec Technology with a short position of EQUINOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pintec Technology and EQUINOR.
Diversification Opportunities for Pintec Technology and EQUINOR
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Pintec and EQUINOR is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Pintec Technology Holdings and EQUINOR ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EQUINOR ASA and Pintec 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 Pintec Technology Holdings are associated (or correlated) with EQUINOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EQUINOR ASA has no effect on the direction of Pintec Technology i.e., Pintec Technology and EQUINOR go up and down completely randomly.
Pair Corralation between Pintec Technology and EQUINOR
Allowing for the 90-day total investment horizon Pintec Technology Holdings is expected to under-perform the EQUINOR. In addition to that, Pintec Technology is 5.77 times more volatile than EQUINOR ASA. It trades about -0.05 of its total potential returns per unit of risk. EQUINOR ASA is currently generating about -0.08 per unit of volatility. If you would invest 9,236 in EQUINOR ASA on September 2, 2024 and sell it today you would lose (75.00) from holding EQUINOR ASA or give up 0.81% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Pintec Technology Holdings vs. EQUINOR ASA
Performance |
| Timeline |
| Pintec Technology |
| EQUINOR ASA |
Pintec Technology and EQUINOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pintec Technology and EQUINOR
The main advantage of trading using opposite Pintec Technology and EQUINOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pintec Technology position performs unexpectedly, EQUINOR 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 EQUINOR will offset losses from the drop in EQUINOR's long position.| Pintec Technology vs. Senmiao Technology | Pintec Technology vs. X Financial Class | Pintec Technology vs. Yirendai | Pintec Technology vs. Qudian Inc |
| EQUINOR vs. Addus HomeCare | EQUINOR vs. Commonwealth Bank of | EQUINOR vs. Chiba Bank Ltd | EQUINOR vs. Pintec Technology Holdings |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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