Correlation Between Humanwell Healthcare and PetroChina
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By analyzing existing cross correlation between Humanwell Healthcare Group and PetroChina Co Ltd, you can compare the effects of market volatilities on Humanwell Healthcare 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 Humanwell Healthcare with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Humanwell Healthcare and PetroChina.
Diversification Opportunities for Humanwell Healthcare and PetroChina
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Humanwell and PetroChina is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Humanwell Healthcare Group and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Humanwell Healthcare 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 Humanwell Healthcare Group 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 Humanwell Healthcare i.e., Humanwell Healthcare and PetroChina go up and down completely randomly.
Pair Corralation between Humanwell Healthcare and PetroChina
Assuming the 90 days trading horizon Humanwell Healthcare is expected to generate 9.2 times less return on investment than PetroChina. In addition to that, Humanwell Healthcare is 1.15 times more volatile than PetroChina Co Ltd. It trades about 0.01 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 Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Humanwell Healthcare Group vs. PetroChina Co Ltd
Performance |
| Timeline |
| Humanwell Healthcare |
| PetroChina |
Humanwell Healthcare and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Humanwell Healthcare and PetroChina
The main advantage of trading using opposite Humanwell Healthcare and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Humanwell Healthcare 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.| Humanwell Healthcare vs. China Petroleum Chemical | Humanwell Healthcare vs. PetroChina Co Ltd | Humanwell Healthcare vs. China State Construction | Humanwell Healthcare vs. China Railway Group |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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