Correlation Between Huizhou Speed and PetroChina
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By analyzing existing cross correlation between Huizhou Speed Wireless and PetroChina Co Ltd, you can compare the effects of market volatilities on Huizhou Speed 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 Huizhou Speed with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Huizhou Speed and PetroChina.
Diversification Opportunities for Huizhou Speed and PetroChina
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Huizhou and PetroChina is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Huizhou Speed Wireless and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Huizhou Speed 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 Huizhou Speed Wireless 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 Huizhou Speed i.e., Huizhou Speed and PetroChina go up and down completely randomly.
Pair Corralation between Huizhou Speed and PetroChina
Assuming the 90 days trading horizon Huizhou Speed Wireless is expected to under-perform the PetroChina. In addition to that, Huizhou Speed is 1.86 times more volatile than PetroChina Co Ltd. It trades about -0.13 of its total potential returns per unit of risk. PetroChina Co Ltd is currently generating about 0.35 per unit of volatility. If you would invest 802.00 in PetroChina Co Ltd on September 27, 2024 and sell it today you would earn a total of 100.00 from holding PetroChina Co Ltd or generate 12.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Huizhou Speed Wireless vs. PetroChina Co Ltd
Performance |
| Timeline |
| Huizhou Speed Wireless |
| PetroChina |
Huizhou Speed and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Huizhou Speed and PetroChina
The main advantage of trading using opposite Huizhou Speed and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Huizhou Speed 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.| Huizhou Speed vs. Industrial and Commercial | Huizhou Speed vs. Agricultural Bank of | Huizhou Speed vs. China Construction Bank | Huizhou Speed vs. Bank of China |
| PetroChina vs. Zhejiang Kingland Pipeline | PetroChina vs. Huizhou Speed Wireless | PetroChina vs. Shaanxi Construction Machinery | PetroChina vs. Linktel Technologies 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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