Correlation Between Yes Optoelectronics and PetroChina
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By analyzing existing cross correlation between Yes Optoelectronics Co and PetroChina Co Ltd, you can compare the effects of market volatilities on Yes Optoelectronics 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 Yes Optoelectronics with a short position of PetroChina. Check out your portfolio center. Please also check ongoing floating volatility patterns of Yes Optoelectronics and PetroChina.
Diversification Opportunities for Yes Optoelectronics and PetroChina
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Yes and PetroChina is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Yes Optoelectronics Co and PetroChina Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PetroChina and Yes Optoelectronics 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 Yes Optoelectronics 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 Yes Optoelectronics i.e., Yes Optoelectronics and PetroChina go up and down completely randomly.
Pair Corralation between Yes Optoelectronics and PetroChina
Assuming the 90 days trading horizon Yes Optoelectronics Co is expected to generate 2.0 times more return on investment than PetroChina. However, Yes Optoelectronics is 2.0 times more volatile than PetroChina Co Ltd. It trades about 0.12 of its potential returns per unit of risk. PetroChina Co Ltd is currently generating about 0.04 per unit of risk. If you would invest 2,012 in Yes Optoelectronics Co on September 23, 2024 and sell it today you would earn a total of 565.00 from holding Yes Optoelectronics Co or generate 28.08% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Yes Optoelectronics Co vs. PetroChina Co Ltd
Performance |
Timeline |
Yes Optoelectronics |
PetroChina |
Yes Optoelectronics and PetroChina Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Yes Optoelectronics and PetroChina
The main advantage of trading using opposite Yes Optoelectronics and PetroChina positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Yes Optoelectronics 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.Yes Optoelectronics vs. Cowealth Medical China | Yes Optoelectronics vs. Zhonghong Pulin Medical | Yes Optoelectronics vs. Huaxia Fund Management | Yes Optoelectronics vs. China Asset Management |
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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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