Correlation Between PetroChina and Betta Pharmaceuticals
Specify exactly 2 symbols:
By analyzing existing cross correlation between PetroChina Co Ltd and Betta Pharmaceuticals Co, you can compare the effects of market volatilities on PetroChina and Betta Pharmaceuticals 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 Betta Pharmaceuticals. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Betta Pharmaceuticals.
Diversification Opportunities for PetroChina and Betta Pharmaceuticals
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between PetroChina and Betta is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Betta Pharmaceuticals Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Betta Pharmaceuticals 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 Betta Pharmaceuticals. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Betta Pharmaceuticals has no effect on the direction of PetroChina i.e., PetroChina and Betta Pharmaceuticals go up and down completely randomly.
Pair Corralation between PetroChina and Betta Pharmaceuticals
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to generate 0.22 times more return on investment than Betta Pharmaceuticals. However, PetroChina Co Ltd is 4.57 times less risky than Betta Pharmaceuticals. It trades about -0.27 of its potential returns per unit of risk. Betta Pharmaceuticals Co is currently generating about -0.1 per unit of risk. If you would invest 815.00 in PetroChina Co Ltd on December 1, 2024 and sell it today you would lose (29.00) from holding PetroChina Co Ltd or give up 3.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PetroChina Co Ltd vs. Betta Pharmaceuticals Co
Performance |
| Timeline |
| PetroChina |
| Betta Pharmaceuticals |
PetroChina and Betta Pharmaceuticals Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Betta Pharmaceuticals
The main advantage of trading using opposite PetroChina and Betta Pharmaceuticals positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Betta Pharmaceuticals 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 Betta Pharmaceuticals will offset losses from the drop in Betta Pharmaceuticals' long position.| PetroChina vs. Grinm Advanced Materials | PetroChina vs. TianJin 712 Communication | PetroChina vs. Bank of Communications | PetroChina vs. Shenzhen Kexin Communication |
| Betta Pharmaceuticals vs. Beingmate Baby Child | Betta Pharmaceuticals vs. Anhui Huaheng Biotechnology | Betta Pharmaceuticals vs. Fujian Wanchen Biotechnology | Betta Pharmaceuticals vs. Peoples Insurance of |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |