Correlation Between Shenzhen Sunlord and PetroChina
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By analyzing existing cross correlation between Shenzhen Sunlord Electronics and PetroChina Co Ltd, you can compare the effects of market volatilities on Shenzhen Sunlord 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 Shenzhen Sunlord with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shenzhen Sunlord and PetroChina.
Diversification Opportunities for Shenzhen Sunlord and PetroChina
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shenzhen and PetroChina is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Shenzhen Sunlord Electronics and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Shenzhen Sunlord 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 Shenzhen Sunlord Electronics 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 Shenzhen Sunlord i.e., Shenzhen Sunlord and PetroChina go up and down completely randomly.
Pair Corralation between Shenzhen Sunlord and PetroChina
Assuming the 90 days trading horizon Shenzhen Sunlord Electronics is expected to generate 1.15 times more return on investment than PetroChina. However, Shenzhen Sunlord is 1.15 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 0.04 per unit of risk. If you would invest 2,645 in Shenzhen Sunlord Electronics on September 4, 2024 and sell it today you would earn a total of 512.00 from holding Shenzhen Sunlord Electronics or generate 19.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shenzhen Sunlord Electronics vs. PetroChina Co Ltd
Performance |
| Timeline |
| Shenzhen Sunlord Ele |
| PetroChina |
Shenzhen Sunlord and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shenzhen Sunlord and PetroChina
The main advantage of trading using opposite Shenzhen Sunlord and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shenzhen Sunlord 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.| Shenzhen Sunlord vs. PetroChina Co Ltd | Shenzhen Sunlord vs. China Mobile Limited | Shenzhen Sunlord vs. CNOOC Limited | Shenzhen Sunlord vs. Ping An Insurance |
| PetroChina vs. Sichuan Hebang Biotechnology | PetroChina vs. Guangdong Marubi Biotechnology | PetroChina vs. Shandong Sanyuan Biotechnology | PetroChina vs. Bloomage Biotechnology Corp |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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