Correlation Between China Petroleum and Hengkang Medical
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Petroleum Chemical and Hengkang Medical Group, you can compare the effects of market volatilities on China Petroleum and Hengkang Medical 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 China Petroleum with a short position of Hengkang Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Petroleum and Hengkang Medical.
Diversification Opportunities for China Petroleum and Hengkang Medical
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between China and Hengkang is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding China Petroleum Chemical and Hengkang Medical Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hengkang Medical and China Petroleum 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 China Petroleum Chemical are associated (or correlated) with Hengkang Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hengkang Medical has no effect on the direction of China Petroleum i.e., China Petroleum and Hengkang Medical go up and down completely randomly.
Pair Corralation between China Petroleum and Hengkang Medical
Assuming the 90 days trading horizon China Petroleum Chemical is expected to generate 0.51 times more return on investment than Hengkang Medical. However, China Petroleum Chemical is 1.97 times less risky than Hengkang Medical. It trades about 0.05 of its potential returns per unit of risk. Hengkang Medical Group is currently generating about 0.0 per unit of risk. If you would invest 536.00 in China Petroleum Chemical on September 2, 2024 and sell it today you would earn a total of 100.00 from holding China Petroleum Chemical or generate 18.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Petroleum Chemical vs. Hengkang Medical Group
Performance |
| Timeline |
| China Petroleum Chemical |
| Hengkang Medical |
China Petroleum and Hengkang Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Petroleum and Hengkang Medical
The main advantage of trading using opposite China Petroleum and Hengkang Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Petroleum position performs unexpectedly, Hengkang Medical 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 Hengkang Medical will offset losses from the drop in Hengkang Medical's long position.| China Petroleum vs. Vohringer Home Technology | China Petroleum vs. Xinjiang Baodi Mining | China Petroleum vs. Xiamen Goldenhome Co | China Petroleum vs. Jinhui Mining Co |
| Hengkang Medical vs. Sichuan Teway Food | Hengkang Medical vs. Dhc Software Co | Hengkang Medical vs. Guilin Seamild Foods | Hengkang Medical vs. V V Food |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |