Correlation Between Petroleo Brasileiro and Gotion High
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By analyzing existing cross correlation between Petroleo Brasileiro Petrobras and Gotion High tech, you can compare the effects of market volatilities on Petroleo Brasileiro and Gotion High 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 Petroleo Brasileiro with a short position of Gotion High. Check out your portfolio center. Please also check ongoing floating volatility patterns of Petroleo Brasileiro and Gotion High.
Diversification Opportunities for Petroleo Brasileiro and Gotion High
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Petroleo and Gotion is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Petroleo Brasileiro Petrobras and Gotion High tech in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gotion High tech and Petroleo Brasileiro 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 Petroleo Brasileiro Petrobras are associated (or correlated) with Gotion High. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gotion High tech has no effect on the direction of Petroleo Brasileiro i.e., Petroleo Brasileiro and Gotion High go up and down completely randomly.
Pair Corralation between Petroleo Brasileiro and Gotion High
Considering the 90-day investment horizon Petroleo Brasileiro Petrobras is expected to generate 0.88 times more return on investment than Gotion High. However, Petroleo Brasileiro Petrobras is 1.14 times less risky than Gotion High. It trades about 0.07 of its potential returns per unit of risk. Gotion High tech is currently generating about -0.03 per unit of risk. If you would invest 765.00 in Petroleo Brasileiro Petrobras on October 12, 2024 and sell it today you would earn a total of 575.00 from holding Petroleo Brasileiro Petrobras or generate 75.16% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 96.36% |
Values | Daily Returns |
Petroleo Brasileiro Petrobras vs. Gotion High tech
Performance |
Timeline |
Petroleo Brasileiro |
Gotion High tech |
Petroleo Brasileiro and Gotion High Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Petroleo Brasileiro and Gotion High
The main advantage of trading using opposite Petroleo Brasileiro and Gotion High positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Petroleo Brasileiro position performs unexpectedly, Gotion High 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 Gotion High will offset losses from the drop in Gotion High's long position.Petroleo Brasileiro vs. Ecopetrol SA ADR | ||
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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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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