Correlation Between PetroChina and Jonjee Hi
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By analyzing existing cross correlation between PetroChina Co Ltd and Jonjee Hi tech Industrial, you can compare the effects of market volatilities on PetroChina and Jonjee Hi 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 Jonjee Hi. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Jonjee Hi.
Diversification Opportunities for PetroChina and Jonjee Hi
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between PetroChina and Jonjee is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Jonjee Hi tech Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jonjee Hi 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 Jonjee Hi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jonjee Hi tech has no effect on the direction of PetroChina i.e., PetroChina and Jonjee Hi go up and down completely randomly.
Pair Corralation between PetroChina and Jonjee Hi
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to generate 0.44 times more return on investment than Jonjee Hi. However, PetroChina Co Ltd is 2.28 times less risky than Jonjee Hi. It trades about -0.21 of its potential returns per unit of risk. Jonjee Hi tech Industrial is currently generating about -0.1 per unit of risk. If you would invest 845.00 in PetroChina Co Ltd on August 25, 2024 and sell it today you would lose (44.00) from holding PetroChina Co Ltd or give up 5.21% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
PetroChina Co Ltd vs. Jonjee Hi tech Industrial
Performance |
| Timeline |
| PetroChina |
| Jonjee Hi tech |
PetroChina and Jonjee Hi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Jonjee Hi
The main advantage of trading using opposite PetroChina and Jonjee Hi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Jonjee Hi 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 Jonjee Hi will offset losses from the drop in Jonjee Hi's long position.| PetroChina vs. Zhejiang Kingland Pipeline | PetroChina vs. COL Digital Publishing | PetroChina vs. Suzhou Novoprotein Scientific | PetroChina vs. Xiangyang Automobile Bearing |
| Jonjee Hi vs. China Petroleum Chemical | Jonjee Hi vs. PetroChina Co Ltd | Jonjee Hi vs. China State Construction | Jonjee Hi vs. China Railway Group |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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