Correlation Between PetroChina and Dook Media
Specify exactly 2 symbols:
By analyzing existing cross correlation between PetroChina Co Ltd and Dook Media Group, you can compare the effects of market volatilities on PetroChina and Dook Media 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 Dook Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Dook Media.
Diversification Opportunities for PetroChina and Dook Media
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between PetroChina and Dook is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Dook Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dook Media Group 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 Dook Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dook Media Group has no effect on the direction of PetroChina i.e., PetroChina and Dook Media go up and down completely randomly.
Pair Corralation between PetroChina and Dook Media
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to under-perform the Dook Media. But the stock apears to be less risky and, when comparing its historical volatility, PetroChina Co Ltd is 1.77 times less risky than Dook Media. The stock trades about -0.05 of its potential returns per unit of risk. The Dook Media Group is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,046 in Dook Media Group on September 28, 2024 and sell it today you would lose (42.00) from holding Dook Media Group or give up 4.02% 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. Dook Media Group
Performance |
| Timeline |
| PetroChina |
| Dook Media Group |
PetroChina and Dook Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Dook Media
The main advantage of trading using opposite PetroChina and Dook Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Dook Media 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 Dook Media will offset losses from the drop in Dook Media's long position.| PetroChina vs. Ping An Insurance | PetroChina vs. Qilu Bank Co | PetroChina vs. China Construction Bank | PetroChina vs. Bank of Suzhou |
| Dook Media vs. Beijing Kaiwen Education | Dook Media vs. Bosera CMSK Industrial | Dook Media vs. Rongcheer Industrial Technology | Dook Media vs. Universal Scientific Industrial |
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
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |