Correlation Between PetroChina and Meinian Onehealth
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By analyzing existing cross correlation between PetroChina Co Ltd and Meinian Onehealth Healthcare, you can compare the effects of market volatilities on PetroChina and Meinian Onehealth 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 Meinian Onehealth. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Meinian Onehealth.
Diversification Opportunities for PetroChina and Meinian Onehealth
-0.42 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PetroChina and Meinian is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Meinian Onehealth Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Meinian Onehealth 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 Meinian Onehealth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Meinian Onehealth has no effect on the direction of PetroChina i.e., PetroChina and Meinian Onehealth go up and down completely randomly.
Pair Corralation between PetroChina and Meinian Onehealth
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to generate 0.73 times more return on investment than Meinian Onehealth. However, PetroChina Co Ltd is 1.38 times less risky than Meinian Onehealth. It trades about 0.17 of its potential returns per unit of risk. Meinian Onehealth Healthcare is currently generating about -0.37 per unit of risk. If you would invest 845.00 in PetroChina Co Ltd on October 17, 2024 and sell it today you would earn a total of 45.00 from holding PetroChina Co Ltd or generate 5.33% 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. Meinian Onehealth Healthcare
Performance |
| Timeline |
| PetroChina |
| Meinian Onehealth |
PetroChina and Meinian Onehealth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Meinian Onehealth
The main advantage of trading using opposite PetroChina and Meinian Onehealth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Meinian Onehealth 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 Meinian Onehealth will offset losses from the drop in Meinian Onehealth's long position.| PetroChina vs. Ningbo Fujia Industrial | PetroChina vs. Guangzhou Haozhi Industrial | PetroChina vs. Guangdong Jingyi Metal | PetroChina vs. Iat Automobile Technology |
| Meinian Onehealth vs. Western Metal Materials | Meinian Onehealth vs. Chengdu Xinzhu RoadBridge | Meinian Onehealth vs. Anshan Senyuan Road | Meinian Onehealth vs. RoadMain T 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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