Correlation Between PetroChina and Jiangsu Bioperfectus
Specify exactly 2 symbols:
By analyzing existing cross correlation between PetroChina Co Ltd and Jiangsu Bioperfectus Technologies, you can compare the effects of market volatilities on PetroChina and Jiangsu Bioperfectus 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 Jiangsu Bioperfectus. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Jiangsu Bioperfectus.
Diversification Opportunities for PetroChina and Jiangsu Bioperfectus
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between PetroChina and Jiangsu is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Jiangsu Bioperfectus Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Bioperfectus 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 Jiangsu Bioperfectus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Bioperfectus has no effect on the direction of PetroChina i.e., PetroChina and Jiangsu Bioperfectus go up and down completely randomly.
Pair Corralation between PetroChina and Jiangsu Bioperfectus
Assuming the 90 days trading horizon PetroChina Co Ltd is expected to generate 0.31 times more return on investment than Jiangsu Bioperfectus. However, PetroChina Co Ltd is 3.18 times less risky than Jiangsu Bioperfectus. It trades about -0.17 of its potential returns per unit of risk. Jiangsu Bioperfectus Technologies is currently generating about -0.2 per unit of risk. If you would invest 830.00 in PetroChina Co Ltd on September 2, 2024 and sell it today you would lose (26.00) from holding PetroChina Co Ltd or give up 3.13% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
PetroChina Co Ltd vs. Jiangsu Bioperfectus Technolog
Performance |
| Timeline |
| PetroChina |
| Jiangsu Bioperfectus |
PetroChina and Jiangsu Bioperfectus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PetroChina and Jiangsu Bioperfectus
The main advantage of trading using opposite PetroChina and Jiangsu Bioperfectus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Jiangsu Bioperfectus 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 Jiangsu Bioperfectus will offset losses from the drop in Jiangsu Bioperfectus' long position.| PetroChina vs. Zotye Automobile Co | PetroChina vs. Zhejiang Qianjiang Motorcycle | PetroChina vs. Miracll Chemicals Co | PetroChina vs. Bus Online Co |
| Jiangsu Bioperfectus vs. PetroChina Co Ltd | Jiangsu Bioperfectus vs. China Mobile Limited | Jiangsu Bioperfectus vs. CNOOC Limited | Jiangsu Bioperfectus vs. Ping An Insurance |
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.
Other Complementary Tools
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Global Correlations Find global opportunities by holding instruments from different markets |