Correlation Between Monalisa Group and PetroChina
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By analyzing existing cross correlation between Monalisa Group Co and PetroChina Co Ltd, you can compare the effects of market volatilities on Monalisa Group 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 Monalisa Group with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Monalisa Group and PetroChina.
Diversification Opportunities for Monalisa Group and PetroChina
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Monalisa and PetroChina is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding Monalisa Group Co and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Monalisa Group 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 Monalisa Group Co 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 Monalisa Group i.e., Monalisa Group and PetroChina go up and down completely randomly.
Pair Corralation between Monalisa Group and PetroChina
Assuming the 90 days trading horizon Monalisa Group Co is expected to generate 1.74 times more return on investment than PetroChina. However, Monalisa Group is 1.74 times more volatile than PetroChina Co Ltd. It trades about 0.03 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 888.00 in Monalisa Group Co on September 1, 2024 and sell it today you would earn a total of 7.00 from holding Monalisa Group Co or generate 0.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Monalisa Group Co vs. PetroChina Co Ltd
Performance |
| Timeline |
| Monalisa Group |
| PetroChina |
Monalisa Group and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Monalisa Group and PetroChina
The main advantage of trading using opposite Monalisa Group and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Monalisa Group 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.| Monalisa Group vs. Industrial and Commercial | Monalisa Group vs. Agricultural Bank of | Monalisa Group vs. China Construction Bank | Monalisa Group vs. Bank of China |
| 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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