Correlation Between PetroChina and Kidswant Children
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By analyzing existing cross correlation between PetroChina Co Ltd and Kidswant Children Products, you can compare the effects of market volatilities on PetroChina and Kidswant Children 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 Kidswant Children. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Kidswant Children.
Diversification Opportunities for PetroChina and Kidswant Children
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PetroChina and Kidswant is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Kidswant Children Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kidswant Children 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 Kidswant Children. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kidswant Children has no effect on the direction of PetroChina i.e., PetroChina and Kidswant Children go up and down completely randomly.
Pair Corralation between PetroChina and Kidswant Children
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to under-perform the Kidswant Children. But the stock apears to be less risky and, when comparing its historical volatility, PetroChina Co Ltd is 2.16 times less risky than Kidswant Children. The stock trades about -0.17 of its potential returns per unit of risk. The Kidswant Children Products is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 1,116 in Kidswant Children Products on October 25, 2024 and sell it today you would earn a total of 207.00 from holding Kidswant Children Products or generate 18.55% 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. Kidswant Children Products
Performance |
| Timeline |
| PetroChina |
| Kidswant Children |
PetroChina and Kidswant Children Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Kidswant Children
The main advantage of trading using opposite PetroChina and Kidswant Children positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Kidswant Children 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 Kidswant Children will offset losses from the drop in Kidswant Children's long position.| PetroChina vs. Anji Foodstuff Co | PetroChina vs. Puya Semiconductor Shanghai | PetroChina vs. Great Sun Foods Co | PetroChina vs. GRINM Semiconductor Materials |
| Kidswant Children vs. PetroChina Co Ltd | Kidswant Children vs. Gansu Jiu Steel | Kidswant Children vs. Ming Yang Smart | Kidswant Children vs. Aba Chemicals Corp |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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