Correlation Between Olympic Circuit and PetroChina
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By analyzing existing cross correlation between Olympic Circuit Technology and PetroChina Co Ltd, you can compare the effects of market volatilities on Olympic Circuit 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 Olympic Circuit with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Olympic Circuit and PetroChina.
Diversification Opportunities for Olympic Circuit and PetroChina
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Olympic and PetroChina is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Olympic Circuit Technology and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Olympic Circuit 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 Olympic Circuit Technology 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 Olympic Circuit i.e., Olympic Circuit and PetroChina go up and down completely randomly.
Pair Corralation between Olympic Circuit and PetroChina
Assuming the 90 days trading horizon Olympic Circuit Technology is expected to under-perform the PetroChina. In addition to that, Olympic Circuit is 2.24 times more volatile than PetroChina Co Ltd. It trades about -0.14 of its total potential returns per unit of risk. PetroChina Co Ltd is currently generating about 0.2 per unit of volatility. If you would invest 843.00 in PetroChina Co Ltd on October 9, 2024 and sell it today you would earn a total of 48.00 from holding PetroChina Co Ltd or generate 5.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Olympic Circuit Technology vs. PetroChina Co Ltd
Performance |
| Timeline |
| Olympic Circuit Tech |
| PetroChina |
Olympic Circuit and PetroChina Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Olympic Circuit and PetroChina
The main advantage of trading using opposite Olympic Circuit and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Olympic Circuit 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.| Olympic Circuit vs. Shengda Mining Co | Olympic Circuit vs. China Satellite Communications | Olympic Circuit vs. Bank of Communications | Olympic Circuit vs. Pengxin International Mining |
| PetroChina vs. Guangdong Wens Foodstuff | PetroChina vs. Ningxia Xiaoming Agriculture | PetroChina vs. Eastroc Beverage Group | PetroChina vs. Guangzhou Seagull Kitchen |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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