Correlation Between PetroChina and HanS Laser
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By analyzing existing cross correlation between PetroChina Co Ltd and HanS Laser Tech, you can compare the effects of market volatilities on PetroChina and HanS Laser 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 HanS Laser. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and HanS Laser.
Diversification Opportunities for PetroChina and HanS Laser
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between PetroChina and HanS is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and HanS Laser Tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HanS Laser Tech 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 HanS Laser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HanS Laser Tech has no effect on the direction of PetroChina i.e., PetroChina and HanS Laser go up and down completely randomly.
Pair Corralation between PetroChina and HanS Laser
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to under-perform the HanS Laser. In addition to that, PetroChina is 1.05 times more volatile than HanS Laser Tech. It trades about -0.25 of its total potential returns per unit of risk. HanS Laser Tech is currently generating about 0.35 per unit of volatility. If you would invest 2,350 in HanS Laser Tech on November 5, 2024 and sell it today you would earn a total of 213.00 from holding HanS Laser Tech or generate 9.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PetroChina Co Ltd vs. HanS Laser Tech
Performance |
| Timeline |
| PetroChina |
| HanS Laser Tech |
PetroChina and HanS Laser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and HanS Laser
The main advantage of trading using opposite PetroChina and HanS Laser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, HanS Laser 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 HanS Laser will offset losses from the drop in HanS Laser's long position.| PetroChina vs. Anhui Deli Household | PetroChina vs. Liaoning Chengda Biotechnology | PetroChina vs. Beijing Baolande Software | PetroChina vs. Anhui Huaheng Biotechnology |
| HanS Laser vs. Marssenger Kitchenware Co | HanS Laser vs. Iat Automobile Technology | HanS Laser vs. Linewell Software Co | HanS Laser vs. Tianjin Ruixin Technology |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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