Correlation Between Ping An and Codere Online

Can any of the company-specific risk be diversified away by investing in both Ping An and Codere Online 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 Ping An and Codere Online into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Ping An Insurance and Codere Online Corp, you can compare the effects of market volatilities on Ping An and Codere Online 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 Ping An with a short position of Codere Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ping An and Codere Online.

Diversification Opportunities for Ping An and Codere Online

-0.25

Correlation Coefficient

Ping An  Codere Online

Very good diversification

The 3 months correlation between Ping and Codere is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Ping An Insurance and Codere Online Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Codere Online Corp and Ping An 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 Ping An Insurance are associated (or correlated) with Codere Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Codere Online Corp has no effect on the direction of Ping An i.e., Ping An and Codere Online go up and down completely randomly.

Pair Corralation between Ping An and Codere Online

Assuming the 90 days horizon Ping An Insurance is expected to generate 1.42 times more return on investment than Codere Online. However, Ping An is 1.42 times more volatile than Codere Online Corp. It trades about 0.07 of its potential returns per unit of risk. Codere Online Corp is currently generating about 0.07 per unit of risk. If you would invest  373.00  in Ping An Insurance on September 6, 2025 and sell it today you would earn a total of  377.00  from holding Ping An Insurance or generate 101.07% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	74.49%
Values	Daily Returns

Ping An Insurance  vs.  Codere Online Corp

Ping An Insurance

Risk-Adjusted Performance

Soft

Compared to the overall equity markets, risk-adjusted returns on investments in Ping An Insurance are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Despite nearly abnormal forward indicators, Ping An may actually be approaching a critical reversion point that can send shares even higher in January 2026.

Codere Online Corp

Risk-Adjusted Performance

Weakest

Over the last 90 days Codere Online Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's basic indicators remain very healthy which may send shares a bit higher in January 2026. The recent disarray may also be a sign of long period up-swing for the firm investors.

Pair Trading with Ping An and Codere Online

The main advantage of trading using opposite Ping An and Codere Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ping An position performs unexpectedly, Codere Online 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 Codere Online will offset losses from the drop in Codere Online's long position.

The idea behind Ping An Insurance and Codere Online Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.