Correlation Between PetroChina and Bingshan Refrigeration
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By analyzing existing cross correlation between PetroChina Co Ltd and Bingshan Refrigeration and, you can compare the effects of market volatilities on PetroChina and Bingshan Refrigeration 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 Bingshan Refrigeration. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Bingshan Refrigeration.
Diversification Opportunities for PetroChina and Bingshan Refrigeration
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PetroChina and Bingshan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Bingshan Refrigeration and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bingshan Refrigeration 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 Bingshan Refrigeration. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bingshan Refrigeration has no effect on the direction of PetroChina i.e., PetroChina and Bingshan Refrigeration go up and down completely randomly.
Pair Corralation between PetroChina and Bingshan Refrigeration
If you would invest 502.00 in PetroChina Co Ltd on October 25, 2024 and sell it today you would earn a total of 321.00 from holding PetroChina Co Ltd or generate 63.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
PetroChina Co Ltd vs. Bingshan Refrigeration and
Performance |
| Timeline |
| PetroChina |
| Bingshan Refrigeration |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
PetroChina and Bingshan Refrigeration Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Bingshan Refrigeration
The main advantage of trading using opposite PetroChina and Bingshan Refrigeration positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Bingshan Refrigeration 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 Bingshan Refrigeration will offset losses from the drop in Bingshan Refrigeration's long position.| PetroChina vs. Anji Foodstuff Co | PetroChina vs. Puya Semiconductor Shanghai | PetroChina vs. Great Sun Foods Co | PetroChina vs. GRINM Semiconductor Materials |
| Bingshan Refrigeration vs. Gan Yuan Foods | Bingshan Refrigeration vs. Youyou Foods Co | Bingshan Refrigeration vs. Ligao Foods CoLtd | Bingshan Refrigeration vs. Henan Shuanghui Investment |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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