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
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PetroChina and Impulse is -0.34. 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 is expected to generate 2.02 times less return on investment than Impulse Qingdao. But when comparing it to its historical volatility, PetroChina Co Ltd is 1.55 times less risky than Impulse Qingdao. It trades about 0.03 of its potential returns per unit of risk. Impulse Qingdao Health is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,542 in Impulse Qingdao Health on August 25, 2024 and sell it today you would earn a total of 368.00 from holding Impulse Qingdao Health or generate 23.87% 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. 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. Zhejiang Kingland Pipeline | PetroChina vs. COL Digital Publishing | PetroChina vs. Suzhou Novoprotein Scientific | PetroChina vs. Xiangyang Automobile Bearing |
| Impulse Qingdao vs. Shenzhen MYS Environmental | Impulse Qingdao vs. AVIC Fund Management | Impulse Qingdao vs. Shenzhen Bingchuan Network | Impulse Qingdao vs. Penghua Shenzhen Energy |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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