Correlation Between Mingchen Health and PetroChina
Specify exactly 2 symbols:
By analyzing existing cross correlation between Mingchen Health Co and PetroChina Co Ltd, you can compare the effects of market volatilities on Mingchen 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 Mingchen Health with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mingchen Health and PetroChina.
Diversification Opportunities for Mingchen Health and PetroChina
-0.27 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Mingchen and PetroChina is -0.27. Overlapping area represents the amount of risk that can be diversified away by holding Mingchen Health Co and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Mingchen 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 Mingchen Health 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 Mingchen Health i.e., Mingchen Health and PetroChina go up and down completely randomly.
Pair Corralation between Mingchen Health and PetroChina
Assuming the 90 days trading horizon Mingchen Health Co is expected to generate 1.77 times more return on investment than PetroChina. However, Mingchen Health is 1.77 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 -0.08 per unit of risk. If you would invest 1,393 in Mingchen Health Co on September 1, 2024 and sell it today you would earn a total of 150.00 from holding Mingchen Health Co or generate 10.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mingchen Health Co vs. PetroChina Co Ltd
Performance |
| Timeline |
| Mingchen Health |
| PetroChina |
Mingchen Health and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mingchen Health and PetroChina
The main advantage of trading using opposite Mingchen Health and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mingchen 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.| Mingchen Health vs. Industrial and Commercial | Mingchen Health vs. Kweichow Moutai Co | Mingchen Health vs. Agricultural Bank of | Mingchen Health vs. China Mobile Limited |
| 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |