Correlation Between Pintec Technology and 693475BJ3
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By analyzing existing cross correlation between Pintec Technology Holdings and PNC 6037 28 OCT 33, you can compare the effects of market volatilities on Pintec Technology and 693475BJ3 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 693475BJ3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pintec Technology and 693475BJ3.
Diversification Opportunities for Pintec Technology and 693475BJ3
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Pintec and 693475BJ3 is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding Pintec Technology Holdings and PNC 6037 28 OCT 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PNC 6037 28 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 693475BJ3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PNC 6037 28 has no effect on the direction of Pintec Technology i.e., Pintec Technology and 693475BJ3 go up and down completely randomly.
Pair Corralation between Pintec Technology and 693475BJ3
Allowing for the 90-day total investment horizon Pintec Technology Holdings is expected to generate 5.94 times more return on investment than 693475BJ3. However, Pintec Technology is 5.94 times more volatile than PNC 6037 28 OCT 33. It trades about 0.02 of its potential returns per unit of risk. PNC 6037 28 OCT 33 is currently generating about 0.02 per unit of risk. If you would invest 89.00 in Pintec Technology Holdings on August 31, 2024 and sell it today you would earn a total of 7.00 from holding Pintec Technology Holdings or generate 7.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pintec Technology Holdings vs. PNC 6037 28 OCT 33
Performance |
| Timeline |
| Pintec Technology |
| PNC 6037 28 |
Pintec Technology and 693475BJ3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pintec Technology and 693475BJ3
The main advantage of trading using opposite Pintec Technology and 693475BJ3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pintec Technology position performs unexpectedly, 693475BJ3 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 693475BJ3 will offset losses from the drop in 693475BJ3's long position.| Pintec Technology vs. Senmiao Technology | Pintec Technology vs. X Financial Class | Pintec Technology vs. Yirendai | Pintec Technology vs. Qudian Inc |
| 693475BJ3 vs. Suntory Beverage Food | 693475BJ3 vs. LithiumBank Resources Corp | 693475BJ3 vs. Pintec Technology Holdings | 693475BJ3 vs. Fevertree Drinks Plc |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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