Correlation Between PetroChina and Silkroad Visual
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By analyzing existing cross correlation between PetroChina Co Ltd and Silkroad Visual Technology, you can compare the effects of market volatilities on PetroChina and Silkroad Visual 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 Silkroad Visual. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Silkroad Visual.
Diversification Opportunities for PetroChina and Silkroad Visual
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PetroChina and Silkroad is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Silkroad Visual Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silkroad Visual Tech 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 Silkroad Visual. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silkroad Visual Tech has no effect on the direction of PetroChina i.e., PetroChina and Silkroad Visual go up and down completely randomly.
Pair Corralation between PetroChina and Silkroad Visual
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to under-perform the Silkroad Visual. But the stock apears to be less risky and, when comparing its historical volatility, PetroChina Co Ltd is 4.81 times less risky than Silkroad Visual. The stock trades about -0.41 of its potential returns per unit of risk. The Silkroad Visual Technology is currently generating about 0.28 of returns per unit of risk over similar time horizon. If you would invest 1,880 in Silkroad Visual Technology on November 27, 2024 and sell it today you would earn a total of 318.00 from holding Silkroad Visual Technology or generate 16.91% 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. Silkroad Visual Technology
Performance |
| Timeline |
| PetroChina |
| Silkroad Visual Tech |
PetroChina and Silkroad Visual Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Silkroad Visual
The main advantage of trading using opposite PetroChina and Silkroad Visual positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Silkroad Visual 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 Silkroad Visual will offset losses from the drop in Silkroad Visual's long position.| PetroChina vs. Xinxiang Chemical Fiber | PetroChina vs. Duzhe Publishing Media | PetroChina vs. Mega info Media CoLtd | PetroChina vs. Longxing Chemical Stock |
| Silkroad Visual vs. Nantong JiangTian Chemical | Silkroad Visual vs. Fujian Longzhou Transportation | Silkroad Visual vs. Xinxiang Chemical Fiber | Silkroad Visual vs. Ningbo Bohui Chemical |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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