Correlation Between Grandblue Environment and PetroChina
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By analyzing existing cross correlation between Grandblue Environment Co and PetroChina Co Ltd, you can compare the effects of market volatilities on Grandblue Environment 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 Grandblue Environment with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grandblue Environment and PetroChina.
Diversification Opportunities for Grandblue Environment and PetroChina
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Grandblue and PetroChina is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding Grandblue Environment Co and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Grandblue Environment 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 Grandblue Environment Co 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 Grandblue Environment i.e., Grandblue Environment and PetroChina go up and down completely randomly.
Pair Corralation between Grandblue Environment and PetroChina
Assuming the 90 days trading horizon Grandblue Environment Co is expected to generate 1.17 times more return on investment than PetroChina. However, Grandblue Environment is 1.17 times more volatile than PetroChina Co Ltd. It trades about 0.15 of its potential returns per unit of risk. PetroChina Co Ltd is currently generating about 0.17 per unit of risk. If you would invest 2,205 in Grandblue Environment Co on September 20, 2024 and sell it today you would earn a total of 108.00 from holding Grandblue Environment Co or generate 4.9% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Grandblue Environment Co vs. PetroChina Co Ltd
Performance |
Timeline |
Grandblue Environment |
PetroChina |
Grandblue Environment and PetroChina Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Grandblue Environment and PetroChina
The main advantage of trading using opposite Grandblue Environment and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grandblue Environment 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.Grandblue Environment vs. Biwin Storage Technology | Grandblue Environment vs. PetroChina Co Ltd | Grandblue Environment vs. Industrial and Commercial | Grandblue Environment vs. China Construction Bank |
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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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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