Correlation Between PetroChina and Metallurgical
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By analyzing existing cross correlation between PetroChina Co Ltd and Metallurgical of, you can compare the effects of market volatilities on PetroChina and Metallurgical 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 Metallurgical. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Metallurgical.
Diversification Opportunities for PetroChina and Metallurgical
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between PetroChina and Metallurgical is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Metallurgical of in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Metallurgical 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 Metallurgical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Metallurgical has no effect on the direction of PetroChina i.e., PetroChina and Metallurgical go up and down completely randomly.
Pair Corralation between PetroChina and Metallurgical
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to generate 1.23 times more return on investment than Metallurgical. However, PetroChina is 1.23 times more volatile than Metallurgical of. It trades about -0.18 of its potential returns per unit of risk. Metallurgical of is currently generating about -0.34 per unit of risk. If you would invest 878.00 in PetroChina Co Ltd on October 25, 2024 and sell it today you would lose (55.00) from holding PetroChina Co Ltd or give up 6.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PetroChina Co Ltd vs. Metallurgical of
Performance |
| Timeline |
| PetroChina |
| Metallurgical |
PetroChina and Metallurgical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Metallurgical
The main advantage of trading using opposite PetroChina and Metallurgical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Metallurgical 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 Metallurgical will offset losses from the drop in Metallurgical's long position.| PetroChina vs. Anji Foodstuff Co | PetroChina vs. Puya Semiconductor Shanghai | PetroChina vs. Great Sun Foods Co | PetroChina vs. GRINM Semiconductor Materials |
| Metallurgical vs. Kweichow Moutai Co | Metallurgical vs. Contemporary Amperex Technology | Metallurgical vs. Beijing Roborock Technology | Metallurgical vs. BYD Co Ltd |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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