Correlation Between Impulse Qingdao and PetroChina
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By analyzing existing cross correlation between Impulse Qingdao Health and PetroChina Co Ltd, you can compare the effects of market volatilities on Impulse Qingdao 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 Impulse Qingdao with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impulse Qingdao and PetroChina.
Diversification Opportunities for Impulse Qingdao and PetroChina
0.16 | Correlation Coefficient |
Average diversification
The 3 months correlation between Impulse and PetroChina is 0.16. Overlapping area represents the amount of risk that can be diversified away by holding Impulse Qingdao Health and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Impulse Qingdao 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 Impulse Qingdao Health 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 Impulse Qingdao i.e., Impulse Qingdao and PetroChina go up and down completely randomly.
Pair Corralation between Impulse Qingdao and PetroChina
Assuming the 90 days trading horizon Impulse Qingdao is expected to generate 1.03 times less return on investment than PetroChina. In addition to that, Impulse Qingdao is 3.64 times more volatile than PetroChina Co Ltd. It trades about 0.06 of its total potential returns per unit of risk. PetroChina Co Ltd is currently generating about 0.22 per unit of volatility. If you would invest 803.00 in PetroChina Co Ltd on September 24, 2024 and sell it today you would earn a total of 55.00 from holding PetroChina Co Ltd or generate 6.85% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Impulse Qingdao Health vs. PetroChina Co Ltd
Performance |
Timeline |
Impulse Qingdao Health |
PetroChina |
Impulse Qingdao and PetroChina Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Impulse Qingdao and PetroChina
The main advantage of trading using opposite Impulse Qingdao and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impulse Qingdao 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.Impulse Qingdao vs. PetroChina Co Ltd | Impulse Qingdao vs. China Mobile Limited | Impulse Qingdao vs. CNOOC Limited | Impulse Qingdao vs. Ping An Insurance |
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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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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