Correlation Between Everjoy Health and PetroChina
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By analyzing existing cross correlation between Everjoy Health Group and PetroChina Co Ltd, you can compare the effects of market volatilities on Everjoy Health 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 Everjoy Health with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everjoy Health and PetroChina.
Diversification Opportunities for Everjoy Health and PetroChina
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Everjoy and PetroChina is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Everjoy Health Group and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Everjoy Health 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 Everjoy Health Group 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 Everjoy Health i.e., Everjoy Health and PetroChina go up and down completely randomly.
Pair Corralation between Everjoy Health and PetroChina
Assuming the 90 days trading horizon Everjoy Health Group is expected to under-perform the PetroChina. In addition to that, Everjoy Health is 1.38 times more volatile than PetroChina Co Ltd. It trades about -0.01 of its total potential returns per unit of risk. PetroChina Co Ltd is currently generating about 0.05 per unit of volatility. If you would invest 541.00 in PetroChina Co Ltd on November 27, 2024 and sell it today you would earn a total of 249.00 from holding PetroChina Co Ltd or generate 46.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Everjoy Health Group vs. PetroChina Co Ltd
Performance |
| Timeline |
| Everjoy Health Group |
| PetroChina |
Everjoy Health and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Everjoy Health and PetroChina
The main advantage of trading using opposite Everjoy Health and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everjoy Health 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.| Everjoy Health vs. Henan Shuanghui Investment | Everjoy Health vs. Vanfund Urban Investment | Everjoy Health vs. Jinsanjiang Silicon Material | Everjoy Health vs. Zhongrun Resources Investment |
| PetroChina vs. Xinxiang Chemical Fiber | PetroChina vs. Duzhe Publishing Media | PetroChina vs. Mega info Media CoLtd | PetroChina vs. Longxing Chemical Stock |
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 Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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