Correlation Between ZhongAn Online and Evolution Gaming

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Can any of the company-specific risk be diversified away by investing in both ZhongAn Online and Evolution Gaming 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 ZhongAn Online and Evolution Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ZhongAn Online P and Evolution Gaming Group, you can compare the effects of market volatilities on ZhongAn Online and Evolution Gaming 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 ZhongAn Online with a short position of Evolution Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of ZhongAn Online and Evolution Gaming.

Diversification Opportunities for ZhongAn Online and Evolution Gaming

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between ZhongAn and Evolution is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ZhongAn Online P and Evolution Gaming Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Evolution Gaming and ZhongAn Online 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 ZhongAn Online P are associated (or correlated) with Evolution Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Evolution Gaming has no effect on the direction of ZhongAn Online i.e., ZhongAn Online and Evolution Gaming go up and down completely randomly.

Pair Corralation between ZhongAn Online and Evolution Gaming

If you would invest  198.00  in ZhongAn Online P on September 4, 2025 and sell it today you would earn a total of  0.00  from holding ZhongAn Online P or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy98.44%
ValuesDaily Returns

ZhongAn Online P  vs.  Evolution Gaming Group

 Performance 
       Timeline  
ZhongAn Online P 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days ZhongAn Online P has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly strong technical and fundamental indicators, ZhongAn Online is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short-term losses for the investors.
Evolution Gaming 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days Evolution Gaming Group has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fragile performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in January 2026. The current disturbance may also be a sign of long term up-swing for the company investors.

ZhongAn Online and Evolution Gaming Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with ZhongAn Online and Evolution Gaming

The main advantage of trading using opposite ZhongAn Online and Evolution Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ZhongAn Online position performs unexpectedly, Evolution Gaming 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 Evolution Gaming will offset losses from the drop in Evolution Gaming's long position.
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The idea behind ZhongAn Online P and Evolution Gaming Group 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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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 Money Managers module to screen money managers from public funds and ETFs managed around the world.

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