Correlation Between PetroChina and Yes Optoelectronics
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By analyzing existing cross correlation between PetroChina Co Ltd and Yes Optoelectronics Co, you can compare the effects of market volatilities on PetroChina and Yes Optoelectronics 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 Yes Optoelectronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Yes Optoelectronics.
Diversification Opportunities for PetroChina and Yes Optoelectronics
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PetroChina and Yes is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Yes Optoelectronics Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yes Optoelectronics 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 Yes Optoelectronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yes Optoelectronics has no effect on the direction of PetroChina i.e., PetroChina and Yes Optoelectronics go up and down completely randomly.
Pair Corralation between PetroChina and Yes Optoelectronics
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to generate 0.28 times more return on investment than Yes Optoelectronics. However, PetroChina Co Ltd is 3.61 times less risky than Yes Optoelectronics. It trades about 0.15 of its potential returns per unit of risk. Yes Optoelectronics Co is currently generating about -0.19 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 41.00 from holding PetroChina Co Ltd or generate 4.85% 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. Yes Optoelectronics Co
Performance |
| Timeline |
| PetroChina |
| Yes Optoelectronics |
PetroChina and Yes Optoelectronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Yes Optoelectronics
The main advantage of trading using opposite PetroChina and Yes Optoelectronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Yes Optoelectronics 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 Yes Optoelectronics will offset losses from the drop in Yes Optoelectronics' long position.| PetroChina vs. Ningbo Fujia Industrial | PetroChina vs. Guangzhou Haozhi Industrial | PetroChina vs. Guangdong Jingyi Metal | PetroChina vs. Iat Automobile Technology |
| Yes Optoelectronics vs. Biwin Storage Technology | Yes Optoelectronics vs. PetroChina Co Ltd | Yes Optoelectronics vs. Industrial and Commercial | Yes Optoelectronics vs. China Construction Bank |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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