Correlation Between PetroChina and Goodwill E
Specify exactly 2 symbols:
By analyzing existing cross correlation between PetroChina Co Ltd and Goodwill E Health, you can compare the effects of market volatilities on PetroChina and Goodwill E 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 Goodwill E. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Goodwill E.
Diversification Opportunities for PetroChina and Goodwill E
-0.74 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PetroChina and Goodwill is -0.74. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Goodwill E Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goodwill E Health 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 Goodwill E. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goodwill E Health has no effect on the direction of PetroChina i.e., PetroChina and Goodwill E go up and down completely randomly.
Pair Corralation between PetroChina and Goodwill E
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to generate 0.37 times more return on investment than Goodwill E. However, PetroChina Co Ltd is 2.74 times less risky than Goodwill E. It trades about -0.01 of its potential returns per unit of risk. Goodwill E Health is currently generating about -0.07 per unit of risk. If you would invest 837.00 in PetroChina Co Ltd on October 26, 2024 and sell it today you would lose (11.00) from holding PetroChina Co Ltd or give up 1.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PetroChina Co Ltd vs. Goodwill E Health
Performance |
| Timeline |
| PetroChina |
| Goodwill E Health |
PetroChina and Goodwill E Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Goodwill E
The main advantage of trading using opposite PetroChina and Goodwill E positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Goodwill E 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 Goodwill E will offset losses from the drop in Goodwill E's long position.| PetroChina vs. Heilongjiang Transport Development | PetroChina vs. Unisplendour Corp | PetroChina vs. Strait Innovation Internet | PetroChina vs. Beijing Seeyon Internet |
| Goodwill E vs. Bank of China | Goodwill E vs. Kweichow Moutai Co | Goodwill E vs. PetroChina Co Ltd | Goodwill E vs. Bank of Communications |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |