Correlation Between GKHT Medical and PetroChina
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By analyzing existing cross correlation between GKHT Medical Technology and PetroChina Co Ltd, you can compare the effects of market volatilities on GKHT 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 GKHT Medical with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of GKHT Medical and PetroChina.
Diversification Opportunities for GKHT Medical and PetroChina
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between GKHT and PetroChina is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding GKHT Medical Technology and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and GKHT 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 GKHT Medical 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 GKHT Medical i.e., GKHT Medical and PetroChina go up and down completely randomly.
Pair Corralation between GKHT Medical and PetroChina
Assuming the 90 days trading horizon GKHT Medical Technology is expected to under-perform the PetroChina. In addition to that, GKHT Medical is 1.88 times more volatile than PetroChina Co Ltd. It trades about -0.04 of its total potential returns per unit of risk. PetroChina Co Ltd is currently generating about 0.06 per unit of volatility. If you would invest 495.00 in PetroChina Co Ltd on September 2, 2024 and sell it today you would earn a total of 309.00 from holding PetroChina Co Ltd or generate 62.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 70.71% |
| Values | Daily Returns |
GKHT Medical Technology vs. PetroChina Co Ltd
Performance |
| Timeline |
| GKHT Medical Technology |
| PetroChina |
GKHT Medical and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GKHT Medical and PetroChina
The main advantage of trading using opposite GKHT Medical and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GKHT 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.| GKHT Medical vs. Anhui Huaren Health | GKHT Medical vs. Dhc Software Co | GKHT Medical vs. Linewell Software Co | GKHT Medical vs. Everjoy Health Group |
| PetroChina vs. Zotye Automobile Co | PetroChina vs. Zhejiang Qianjiang Motorcycle | PetroChina vs. Miracll Chemicals Co | PetroChina vs. Bus Online Co |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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