Correlation Between China Petroleum and Shenyang Blue
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By analyzing existing cross correlation between China Petroleum Chemical and Shenyang Blue Silver, you can compare the effects of market volatilities on China Petroleum and Shenyang Blue 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 Shenyang Blue. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Petroleum and Shenyang Blue.
Diversification Opportunities for China Petroleum and Shenyang Blue
-0.06 | Correlation Coefficient |
Good diversification
The 3 months correlation between China and Shenyang is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding China Petroleum Chemical and Shenyang Blue Silver in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenyang Blue Silver 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 Shenyang Blue. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenyang Blue Silver has no effect on the direction of China Petroleum i.e., China Petroleum and Shenyang Blue go up and down completely randomly.
Pair Corralation between China Petroleum and Shenyang Blue
Assuming the 90 days trading horizon China Petroleum Chemical is expected to generate 0.34 times more return on investment than Shenyang Blue. However, China Petroleum Chemical is 2.97 times less risky than Shenyang Blue. It trades about -0.05 of its potential returns per unit of risk. Shenyang Blue Silver is currently generating about -0.2 per unit of risk. If you would invest 628.00 in China Petroleum Chemical on November 6, 2024 and sell it today you would lose (20.00) from holding China Petroleum Chemical or give up 3.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Petroleum Chemical vs. Shenyang Blue Silver
Performance |
| Timeline |
| China Petroleum Chemical |
| Shenyang Blue Silver |
China Petroleum and Shenyang Blue Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Petroleum and Shenyang Blue
The main advantage of trading using opposite China Petroleum and Shenyang Blue positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Petroleum position performs unexpectedly, Shenyang Blue 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 Shenyang Blue will offset losses from the drop in Shenyang Blue's long position.| China Petroleum vs. Chongqing Shunbo Aluminum | China Petroleum vs. Aluminum Corp of | China Petroleum vs. Vohringer Home Technology | China Petroleum vs. Hefei Metalforming Mach |
| Shenyang Blue vs. Guangzhou Seagull Kitchen | Shenyang Blue vs. Ningbo Tech Bank Co | Shenyang Blue vs. Zhangjiagang Freetrade Science | Shenyang Blue vs. Industrial Bank 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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