Correlation Between Loctek Ergonomic and PetroChina
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By analyzing existing cross correlation between Loctek Ergonomic Technology and PetroChina Co Ltd, you can compare the effects of market volatilities on Loctek Ergonomic 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 Loctek Ergonomic with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and PetroChina.
Diversification Opportunities for Loctek Ergonomic and PetroChina
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Loctek and PetroChina is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Loctek Ergonomic 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 Loctek Ergonomic Technology 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 Loctek Ergonomic i.e., Loctek Ergonomic and PetroChina go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and PetroChina
Assuming the 90 days trading horizon Loctek Ergonomic Technology is expected to under-perform the PetroChina. In addition to that, Loctek Ergonomic is 1.42 times more volatile than PetroChina Co Ltd. It trades about -0.16 of its total potential returns per unit of risk. PetroChina Co Ltd is currently generating about 0.04 per unit of volatility. If you would invest 803.00 in PetroChina Co Ltd on October 25, 2024 and sell it today you would earn a total of 20.00 from holding PetroChina Co Ltd or generate 2.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Loctek Ergonomic Technology vs. PetroChina Co Ltd
Performance |
| Timeline |
| Loctek Ergonomic Tec |
| PetroChina |
Loctek Ergonomic and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loctek Ergonomic and PetroChina
The main advantage of trading using opposite Loctek Ergonomic and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic 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.| Loctek Ergonomic vs. Shanghai Rongtai Health | Loctek Ergonomic vs. Humanwell Healthcare Group | Loctek Ergonomic vs. Yunnan Jianzhijia Health Chain | Loctek Ergonomic vs. Impulse Qingdao Health |
| PetroChina vs. Anji Foodstuff Co | PetroChina vs. Puya Semiconductor Shanghai | PetroChina vs. Great Sun Foods Co | PetroChina vs. GRINM Semiconductor Materials |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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