Correlation Between Jason Furniture and PetroChina
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By analyzing existing cross correlation between Jason Furniture and PetroChina Co Ltd, you can compare the effects of market volatilities on Jason Furniture and PetroChina 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 Jason Furniture with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jason Furniture and PetroChina.
Diversification Opportunities for Jason Furniture and PetroChina
0.02 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Jason and PetroChina is 0.02. Overlapping area represents the amount of risk that can be diversified away by holding Jason Furniture and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Jason Furniture 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 Jason Furniture are associated (or correlated) with PetroChina. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PetroChina has no effect on the direction of Jason Furniture i.e., Jason Furniture and PetroChina go up and down completely randomly.
Pair Corralation between Jason Furniture and PetroChina
Assuming the 90 days trading horizon Jason Furniture is expected to generate 1.43 times more return on investment than PetroChina. However, Jason Furniture is 1.43 times more volatile than PetroChina Co Ltd. It trades about -0.04 of its potential returns per unit of risk. PetroChina Co Ltd is currently generating about -0.06 per unit of risk. If you would invest 3,491 in Jason Furniture on September 3, 2024 and sell it today you would lose (677.00) from holding Jason Furniture or give up 19.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jason Furniture vs. PetroChina Co Ltd
Performance |
| Timeline |
| Jason Furniture |
| PetroChina |
Jason Furniture and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jason Furniture and PetroChina
The main advantage of trading using opposite Jason Furniture and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jason Furniture position performs unexpectedly, PetroChina 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 PetroChina will offset losses from the drop in PetroChina's long position.| Jason Furniture vs. PetroChina Co Ltd | Jason Furniture vs. China Mobile Limited | Jason Furniture vs. Industrial and Commercial | Jason Furniture vs. China Life Insurance |
| PetroChina vs. China Express Airlines | PetroChina vs. Xinhua Winshare Publishing | PetroChina vs. Jinhui Liquor Co | PetroChina vs. Beijing Kaiwen Education |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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