Correlation Between PetroChina and Soyea Technology
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By analyzing existing cross correlation between PetroChina Co Ltd and Soyea Technology Co, you can compare the effects of market volatilities on PetroChina and Soyea Technology 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 PetroChina with a short position of Soyea Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Soyea Technology.
Diversification Opportunities for PetroChina and Soyea Technology
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between PetroChina and Soyea is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Soyea Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Soyea Technology and PetroChina 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 PetroChina Co Ltd are associated (or correlated) with Soyea Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Soyea Technology has no effect on the direction of PetroChina i.e., PetroChina and Soyea Technology go up and down completely randomly.
Pair Corralation between PetroChina and Soyea Technology
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to generate 0.5 times more return on investment than Soyea Technology. However, PetroChina Co Ltd is 2.0 times less risky than Soyea Technology. It trades about 0.35 of its potential returns per unit of risk. Soyea Technology Co is currently generating about 0.0 per unit of risk. If you would invest 802.00 in PetroChina Co Ltd on September 27, 2024 and sell it today you would earn a total of 100.00 from holding PetroChina Co Ltd or generate 12.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PetroChina Co Ltd vs. Soyea Technology Co
Performance |
| Timeline |
| PetroChina |
| Soyea Technology |
PetroChina and Soyea Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Soyea Technology
The main advantage of trading using opposite PetroChina and Soyea Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Soyea Technology 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 Soyea Technology will offset losses from the drop in Soyea Technology's long position.| PetroChina vs. Zhejiang Kingland Pipeline | PetroChina vs. Huizhou Speed Wireless | PetroChina vs. Shaanxi Construction Machinery | PetroChina vs. Linktel Technologies Co |
| Soyea Technology vs. PetroChina Co Ltd | Soyea Technology vs. China Mobile Limited | Soyea Technology vs. CNOOC Limited | Soyea Technology vs. Ping An Insurance |
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 Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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