Correlation Between HanS Laser and PetroChina
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By analyzing existing cross correlation between HanS Laser Tech and PetroChina Co Ltd, you can compare the effects of market volatilities on HanS Laser and PetroChina 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 HanS Laser with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and PetroChina.
Diversification Opportunities for HanS Laser and PetroChina
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between HanS and PetroChina is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and HanS Laser 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 HanS Laser Tech are associated (or correlated) with PetroChina. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PetroChina has no effect on the direction of HanS Laser i.e., HanS Laser and PetroChina go up and down completely randomly.
Pair Corralation between HanS Laser and PetroChina
Assuming the 90 days trading horizon HanS Laser Tech is expected to generate 3.68 times more return on investment than PetroChina. However, HanS Laser is 3.68 times more volatile than PetroChina Co Ltd. It trades about 0.04 of its potential returns per unit of risk. PetroChina Co Ltd is currently generating about -0.03 per unit of risk. If you would invest 2,580 in HanS Laser Tech on September 1, 2024 and sell it today you would earn a total of 54.00 from holding HanS Laser Tech or generate 2.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HanS Laser Tech vs. PetroChina Co Ltd
Performance |
| Timeline |
| HanS Laser Tech |
| PetroChina |
HanS Laser and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and PetroChina
The main advantage of trading using opposite HanS Laser and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, PetroChina 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 PetroChina will offset losses from the drop in PetroChina's long position.| HanS Laser vs. New China Life | HanS Laser vs. Ming Yang Smart | HanS Laser vs. 159681 | HanS Laser vs. 159005 |
| PetroChina vs. Dongjiang Environmental Co | PetroChina vs. Tonghua Grape Wine | PetroChina vs. Dezhan HealthCare Co | PetroChina vs. Guangdong Liantai Environmental |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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