Correlation Between Jiangsu Xinri and PetroChina
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By analyzing existing cross correlation between Jiangsu Xinri E Vehicle and PetroChina Co Ltd, you can compare the effects of market volatilities on Jiangsu Xinri 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 Jiangsu Xinri with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jiangsu Xinri and PetroChina.
Diversification Opportunities for Jiangsu Xinri and PetroChina
0.46 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Jiangsu and PetroChina is 0.46. Overlapping area represents the amount of risk that can be diversified away by holding Jiangsu Xinri E Vehicle and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Jiangsu Xinri 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 Jiangsu Xinri E Vehicle 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 Jiangsu Xinri i.e., Jiangsu Xinri and PetroChina go up and down completely randomly.
Pair Corralation between Jiangsu Xinri and PetroChina
Assuming the 90 days trading horizon Jiangsu Xinri is expected to generate 49.38 times less return on investment than PetroChina. In addition to that, Jiangsu Xinri is 1.53 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 0.22 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 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 | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Jiangsu Xinri E Vehicle vs. PetroChina Co Ltd
Performance |
Timeline |
Jiangsu Xinri E |
PetroChina |
Jiangsu Xinri and PetroChina Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Jiangsu Xinri and PetroChina
The main advantage of trading using opposite Jiangsu Xinri and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jiangsu Xinri 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.Jiangsu Xinri vs. PetroChina Co Ltd | Jiangsu Xinri vs. China Mobile Limited | Jiangsu Xinri vs. CNOOC Limited | Jiangsu Xinri vs. Ping An Insurance |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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