Correlation Between Gem Year and China Petroleum
Specify exactly 2 symbols:
By analyzing existing cross correlation between Gem Year Industrial Co and China Petroleum Chemical, you can compare the effects of market volatilities on Gem Year and China Petroleum 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 Gem Year with a short position of China Petroleum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gem Year and China Petroleum.
Diversification Opportunities for Gem Year and China Petroleum
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Gem and China is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Gem Year Industrial Co and China Petroleum Chemical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Petroleum Chemical and Gem Year 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 Gem Year Industrial Co are associated (or correlated) with China Petroleum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Petroleum Chemical has no effect on the direction of Gem Year i.e., Gem Year and China Petroleum go up and down completely randomly.
Pair Corralation between Gem Year and China Petroleum
Assuming the 90 days trading horizon Gem Year Industrial Co is expected to under-perform the China Petroleum. In addition to that, Gem Year is 1.85 times more volatile than China Petroleum Chemical. It trades about -0.01 of its total potential returns per unit of risk. China Petroleum Chemical is currently generating about 0.17 per unit of volatility. If you would invest 638.00 in China Petroleum Chemical on September 28, 2024 and sell it today you would earn a total of 29.00 from holding China Petroleum Chemical or generate 4.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gem Year Industrial Co vs. China Petroleum Chemical
Performance |
| Timeline |
| Gem Year Industrial |
| China Petroleum Chemical |
Gem Year and China Petroleum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gem Year and China Petroleum
The main advantage of trading using opposite Gem Year and China Petroleum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gem Year position performs unexpectedly, China Petroleum 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 China Petroleum will offset losses from the drop in China Petroleum's long position.| Gem Year vs. Zhejiang Yayi Metal | Gem Year vs. Chengtun Mining Group | Gem Year vs. Huaibei Mining Holdings | Gem Year vs. Jinhui Mining Co |
| China Petroleum vs. Zhejiang Kingland Pipeline | China Petroleum vs. Huizhou Speed Wireless | China Petroleum vs. Shaanxi Construction Machinery | China Petroleum vs. Linktel Technologies 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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |