Correlation Between Allmed Medical and PetroChina
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By analyzing existing cross correlation between Allmed Medical Products and PetroChina Co Ltd, you can compare the effects of market volatilities on Allmed Medical 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 Allmed Medical with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and PetroChina.
Diversification Opportunities for Allmed Medical and PetroChina
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Allmed and PetroChina is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Allmed Medical 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 Allmed Medical Products 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 Allmed Medical i.e., Allmed Medical and PetroChina go up and down completely randomly.
Pair Corralation between Allmed Medical and PetroChina
Assuming the 90 days trading horizon Allmed Medical Products is expected to generate 3.93 times more return on investment than PetroChina. However, Allmed Medical is 3.93 times more volatile than PetroChina Co Ltd. It trades about 0.14 of its potential returns per unit of risk. PetroChina Co Ltd is currently generating about -0.17 per unit of risk. If you would invest 825.00 in Allmed Medical Products on September 2, 2024 and sell it today you would earn a total of 75.00 from holding Allmed Medical Products or generate 9.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allmed Medical Products vs. PetroChina Co Ltd
Performance |
| Timeline |
| Allmed Medical Products |
| PetroChina |
Allmed Medical and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and PetroChina
The main advantage of trading using opposite Allmed Medical and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed Medical 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.| Allmed Medical vs. Shanghai Sanyou Medical | Allmed Medical vs. Ningxia Younglight Chemicals | Allmed Medical vs. Zhejiang Yongjin Metal | Allmed Medical vs. Anhui Transport Consulting |
| PetroChina vs. Zotye Automobile Co | PetroChina vs. Zhejiang Qianjiang Motorcycle | PetroChina vs. Miracll Chemicals Co | PetroChina vs. Bus Online Co |
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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