Correlation Between Mango Excellent and PetroChina
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By analyzing existing cross correlation between Mango Excellent Media and PetroChina Co Ltd, you can compare the effects of market volatilities on Mango Excellent 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 Mango Excellent with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mango Excellent and PetroChina.
Diversification Opportunities for Mango Excellent and PetroChina
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Mango and PetroChina is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Mango Excellent Media and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Mango Excellent 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 Mango Excellent Media 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 Mango Excellent i.e., Mango Excellent and PetroChina go up and down completely randomly.
Pair Corralation between Mango Excellent and PetroChina
Assuming the 90 days trading horizon Mango Excellent Media is expected to generate 2.58 times more return on investment than PetroChina. However, Mango Excellent is 2.58 times more volatile than PetroChina Co Ltd. It trades about 0.05 of its potential returns per unit of risk. PetroChina Co Ltd is currently generating about -0.18 per unit of risk. If you would invest 2,680 in Mango Excellent Media on August 26, 2024 and sell it today you would earn a total of 69.00 from holding Mango Excellent Media or generate 2.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Mango Excellent Media vs. PetroChina Co Ltd
Performance |
| Timeline |
| Mango Excellent Media |
| PetroChina |
Mango Excellent and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mango Excellent and PetroChina
The main advantage of trading using opposite Mango Excellent and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mango Excellent 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.| Mango Excellent vs. Ming Yang Smart | Mango Excellent vs. 159681 | Mango Excellent vs. 159005 | Mango Excellent vs. Loctek Ergonomic Technology |
| PetroChina vs. Shenzhen Clou Electronics | PetroChina vs. Hainan Airlines Co | PetroChina vs. Mango Excellent Media | PetroChina vs. Dalian Zeus Entertainment |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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