Correlation Between Maoming Petro and Beijing Roborock
Specify exactly 2 symbols:
By analyzing existing cross correlation between Maoming Petro Chemical Shihua and Beijing Roborock Technology, you can compare the effects of market volatilities on Maoming Petro and Beijing Roborock 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 Maoming Petro with a short position of Beijing Roborock. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maoming Petro and Beijing Roborock.
Diversification Opportunities for Maoming Petro and Beijing Roborock
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Maoming and Beijing is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Maoming Petro Chemical Shihua and Beijing Roborock Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Roborock Tec and Maoming Petro 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 Maoming Petro Chemical Shihua are associated (or correlated) with Beijing Roborock. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Roborock Tec has no effect on the direction of Maoming Petro i.e., Maoming Petro and Beijing Roborock go up and down completely randomly.
Pair Corralation between Maoming Petro and Beijing Roborock
Assuming the 90 days trading horizon Maoming Petro Chemical Shihua is expected to under-perform the Beijing Roborock. In addition to that, Maoming Petro is 1.07 times more volatile than Beijing Roborock Technology. It trades about -0.34 of its total potential returns per unit of risk. Beijing Roborock Technology is currently generating about 0.02 per unit of volatility. If you would invest 22,294 in Beijing Roborock Technology on October 17, 2024 and sell it today you would earn a total of 109.00 from holding Beijing Roborock Technology or generate 0.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Maoming Petro Chemical Shihua vs. Beijing Roborock Technology
Performance |
| Timeline |
| Maoming Petro Chemical |
| Beijing Roborock Tec |
Maoming Petro and Beijing Roborock Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Maoming Petro and Beijing Roborock
The main advantage of trading using opposite Maoming Petro and Beijing Roborock positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Maoming Petro position performs unexpectedly, Beijing Roborock 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 Beijing Roborock will offset losses from the drop in Beijing Roborock's long position.| Maoming Petro vs. Xinjiang Tianrun Dairy | Maoming Petro vs. Guilin Seamild Foods | Maoming Petro vs. V V Food | Maoming Petro vs. Ningxia Younglight Chemicals |
| Beijing Roborock vs. Caihong Display Devices | Beijing Roborock vs. Hubei Xingfa Chemicals | Beijing Roborock vs. Yingde Greatchem Chemicals | Beijing Roborock vs. Maoming Petro Chemical Shihua |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities |