Correlation Between Anhui Tongguan and PetroChina
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By analyzing existing cross correlation between Anhui Tongguan Copper and PetroChina Co Ltd, you can compare the effects of market volatilities on Anhui Tongguan 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 Anhui Tongguan with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Tongguan and PetroChina.
Diversification Opportunities for Anhui Tongguan and PetroChina
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Anhui and PetroChina is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Tongguan Copper and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Anhui Tongguan 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 Anhui Tongguan Copper 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 Anhui Tongguan i.e., Anhui Tongguan and PetroChina go up and down completely randomly.
Pair Corralation between Anhui Tongguan and PetroChina
Assuming the 90 days trading horizon Anhui Tongguan Copper is expected to under-perform the PetroChina. In addition to that, Anhui Tongguan is 2.14 times more volatile than PetroChina Co Ltd. It trades about -0.15 of its total potential returns per unit of risk. PetroChina Co Ltd is currently generating about 0.2 per unit of volatility. If you would invest 809.00 in PetroChina Co Ltd on October 11, 2024 and sell it today you would earn a total of 96.00 from holding PetroChina Co Ltd or generate 11.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Tongguan Copper vs. PetroChina Co Ltd
Performance |
| Timeline |
| Anhui Tongguan Copper |
| PetroChina |
Anhui Tongguan and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Tongguan and PetroChina
The main advantage of trading using opposite Anhui Tongguan and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Tongguan 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.| Anhui Tongguan vs. Ningbo Ligong Online | Anhui Tongguan vs. Integrated Electronic Systems | Anhui Tongguan vs. Beijing YanDong MicroElectronic | Anhui Tongguan vs. Guangzhou Jinyi Media |
| PetroChina vs. Sino Platinum Metals Co | PetroChina vs. Runjian Communication Co | PetroChina vs. Iat Automobile Technology | PetroChina vs. Anhui Transport Consulting |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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