Correlation Between Winner Medical and PetroChina
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By analyzing existing cross correlation between Winner Medical Co and PetroChina Co Ltd, you can compare the effects of market volatilities on Winner 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 Winner Medical with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Winner Medical and PetroChina.
Diversification Opportunities for Winner Medical and PetroChina
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Winner and PetroChina is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Winner Medical Co and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Winner 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 Winner Medical 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 Winner Medical i.e., Winner Medical and PetroChina go up and down completely randomly.
Pair Corralation between Winner Medical and PetroChina
Assuming the 90 days trading horizon Winner Medical is expected to generate 1.3 times less return on investment than PetroChina. In addition to that, Winner Medical is 1.39 times more volatile than PetroChina Co Ltd. It trades about 0.01 of its total potential returns per unit of risk. PetroChina Co Ltd is currently generating about 0.03 per unit of volatility. If you would invest 747.00 in PetroChina Co Ltd on September 3, 2024 and sell it today you would earn a total of 57.00 from holding PetroChina Co Ltd or generate 7.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Winner Medical Co vs. PetroChina Co Ltd
Performance |
| Timeline |
| Winner Medical |
| PetroChina |
Winner Medical and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Winner Medical and PetroChina
The main advantage of trading using opposite Winner Medical and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Winner 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.| Winner Medical vs. Dymatic Chemicals | Winner Medical vs. Changjiang Jinggong Steel | Winner Medical vs. Panda Dairy Corp | Winner Medical vs. Hubei Xingfa Chemicals |
| PetroChina vs. China Express Airlines | PetroChina vs. Xinhua Winshare Publishing | PetroChina vs. Jinhui Liquor Co | PetroChina vs. Beijing Kaiwen Education |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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