Correlation Between PetroChina and Impulse Qingdao
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By analyzing existing cross correlation between PetroChina Co Ltd and Impulse Qingdao Health, you can compare the effects of market volatilities on PetroChina and Impulse Qingdao 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 Impulse Qingdao. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Impulse Qingdao.
Diversification Opportunities for PetroChina and Impulse Qingdao
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between PetroChina and Impulse is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Impulse Qingdao Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impulse Qingdao Health 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 Impulse Qingdao. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impulse Qingdao Health has no effect on the direction of PetroChina i.e., PetroChina and Impulse Qingdao go up and down completely randomly.
Pair Corralation between PetroChina and Impulse Qingdao
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to under-perform the Impulse Qingdao. But the stock apears to be less risky and, when comparing its historical volatility, PetroChina Co Ltd is 2.75 times less risky than Impulse Qingdao. The stock trades about -0.21 of its potential returns per unit of risk. The Impulse Qingdao Health is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 2,199 in Impulse Qingdao Health on November 4, 2024 and sell it today you would earn a total of 152.00 from holding Impulse Qingdao Health or generate 6.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PetroChina Co Ltd vs. Impulse Qingdao Health
Performance |
| Timeline |
| PetroChina |
| Impulse Qingdao Health |
PetroChina and Impulse Qingdao Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Impulse Qingdao
The main advantage of trading using opposite PetroChina and Impulse Qingdao positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Impulse Qingdao 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 Impulse Qingdao will offset losses from the drop in Impulse Qingdao's long position.| PetroChina vs. Anhui Deli Household | PetroChina vs. Liaoning Chengda Biotechnology | PetroChina vs. Beijing Baolande Software | PetroChina vs. Anhui Huaheng Biotechnology |
| Impulse Qingdao vs. Yoantion Industrial IncLtd | Impulse Qingdao vs. Bosera CMSK Industrial | Impulse Qingdao vs. Wonders Information | Impulse Qingdao vs. Jiangsu Financial Leasing |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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