Correlation Between ShuYu Civilian and PetroChina
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By analyzing existing cross correlation between ShuYu Civilian Pharmacy and PetroChina Co Ltd, you can compare the effects of market volatilities on ShuYu Civilian 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 ShuYu Civilian with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of ShuYu Civilian and PetroChina.
Diversification Opportunities for ShuYu Civilian and PetroChina
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ShuYu and PetroChina is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding ShuYu Civilian Pharmacy and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and ShuYu Civilian 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 ShuYu Civilian Pharmacy 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 ShuYu Civilian i.e., ShuYu Civilian and PetroChina go up and down completely randomly.
Pair Corralation between ShuYu Civilian and PetroChina
Assuming the 90 days trading horizon ShuYu Civilian Pharmacy is expected to under-perform the PetroChina. In addition to that, ShuYu Civilian is 1.53 times more volatile than PetroChina Co Ltd. It trades about -0.2 of its total potential returns per unit of risk. PetroChina Co Ltd is currently generating about -0.24 per unit of volatility. If you would invest 900.00 in PetroChina Co Ltd on October 31, 2024 and sell it today you would lose (67.00) from holding PetroChina Co Ltd or give up 7.44% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ShuYu Civilian Pharmacy vs. PetroChina Co Ltd
Performance |
| Timeline |
| ShuYu Civilian Pharmacy |
| PetroChina |
ShuYu Civilian and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ShuYu Civilian and PetroChina
The main advantage of trading using opposite ShuYu Civilian and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ShuYu Civilian 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.| ShuYu Civilian vs. Qijing Machinery | ShuYu Civilian vs. Ye Chiu Metal | ShuYu Civilian vs. XCMG Construction Machinery | ShuYu Civilian vs. Shandong Hongchuang Aluminum |
| PetroChina vs. Quectel Wireless Solutions | PetroChina vs. Orinko Advanced Plastics | PetroChina vs. Gansu Huangtai Wine marketing | PetroChina vs. Konfoong Materials International |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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