Correlation Between PetroChina and Bonree Data
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By analyzing existing cross correlation between PetroChina Co Ltd and Bonree Data Technology, you can compare the effects of market volatilities on PetroChina and Bonree Data 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 Bonree Data. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Bonree Data.
Diversification Opportunities for PetroChina and Bonree Data
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between PetroChina and Bonree is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Bonree Data Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bonree Data Technology 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 Bonree Data. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bonree Data Technology has no effect on the direction of PetroChina i.e., PetroChina and Bonree Data go up and down completely randomly.
Pair Corralation between PetroChina and Bonree Data
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to under-perform the Bonree Data. But the stock apears to be less risky and, when comparing its historical volatility, PetroChina Co Ltd is 2.1 times less risky than Bonree Data. The stock trades about -0.05 of its potential returns per unit of risk. The Bonree Data Technology is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 2,483 in Bonree Data Technology on October 14, 2024 and sell it today you would earn a total of 1,185 from holding Bonree Data Technology or generate 47.72% 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. Bonree Data Technology
Performance |
| Timeline |
| PetroChina |
| Bonree Data Technology |
PetroChina and Bonree Data Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Bonree Data
The main advantage of trading using opposite PetroChina and Bonree Data positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Bonree Data 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 Bonree Data will offset losses from the drop in Bonree Data's long position.| PetroChina vs. Shannon Semiconductor Technology | PetroChina vs. Qingdao Haier Biomedical | PetroChina vs. Shanghai V Test Semiconductor | PetroChina vs. Zhonghong Pulin Medical |
| Bonree Data vs. Xiamen Bank Co | Bonree Data vs. Guangdong Wens Foodstuff | Bonree Data vs. Peoples Insurance of | Bonree Data vs. Shanghai Ziyan Foods |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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