Correlation Between Xinjiang Baodi and PetroChina
Specify exactly 2 symbols:
By analyzing existing cross correlation between Xinjiang Baodi Mining and PetroChina Co Ltd, you can compare the effects of market volatilities on Xinjiang Baodi 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 Xinjiang Baodi with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Xinjiang Baodi and PetroChina.
Diversification Opportunities for Xinjiang Baodi and PetroChina
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Xinjiang and PetroChina is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Xinjiang Baodi Mining and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Xinjiang Baodi 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 Xinjiang Baodi Mining 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 Xinjiang Baodi i.e., Xinjiang Baodi and PetroChina go up and down completely randomly.
Pair Corralation between Xinjiang Baodi and PetroChina
Assuming the 90 days trading horizon Xinjiang Baodi Mining is expected to under-perform the PetroChina. In addition to that, Xinjiang Baodi is 1.14 times more volatile than PetroChina Co Ltd. It trades about 0.0 of its total potential returns per unit of risk. PetroChina Co Ltd is currently generating about 0.28 per unit of volatility. If you would invest 803.00 in PetroChina Co Ltd on September 25, 2024 and sell it today you would earn a total of 75.00 from holding PetroChina Co Ltd or generate 9.34% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 95.45% |
Values | Daily Returns |
Xinjiang Baodi Mining vs. PetroChina Co Ltd
Performance |
Timeline |
Xinjiang Baodi Mining |
PetroChina |
Xinjiang Baodi and PetroChina Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Xinjiang Baodi and PetroChina
The main advantage of trading using opposite Xinjiang Baodi and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Xinjiang Baodi 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.Xinjiang Baodi vs. Zijin Mining Group | Xinjiang Baodi vs. Wanhua Chemical Group | Xinjiang Baodi vs. Baoshan Iron Steel | Xinjiang Baodi vs. Shandong Gold Mining |
PetroChina vs. Xinjiang Baodi Mining | PetroChina vs. Guocheng Mining Co | PetroChina vs. Huaibei Mining Holdings | PetroChina vs. Fujian Oriental Silver |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
Other Complementary Tools
Content Syndication Quickly integrate customizable finance content to your own investment portal | |
Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
CEOs Directory Screen CEOs from public companies around the world | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |