Correlation Between China Petroleum and Talkweb Information
Specify exactly 2 symbols:
By analyzing existing cross correlation between China Petroleum Chemical and Talkweb Information System, you can compare the effects of market volatilities on China Petroleum and Talkweb Information 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 China Petroleum with a short position of Talkweb Information. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Petroleum and Talkweb Information.
Diversification Opportunities for China Petroleum and Talkweb Information
-0.43 | Correlation Coefficient |
Very good diversification
The 3 months correlation between China and Talkweb is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding China Petroleum Chemical and Talkweb Information System in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Talkweb Information and China Petroleum 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 China Petroleum Chemical are associated (or correlated) with Talkweb Information. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Talkweb Information has no effect on the direction of China Petroleum i.e., China Petroleum and Talkweb Information go up and down completely randomly.
Pair Corralation between China Petroleum and Talkweb Information
Assuming the 90 days trading horizon China Petroleum is expected to generate 2.73 times less return on investment than Talkweb Information. But when comparing it to its historical volatility, China Petroleum Chemical is 2.54 times less risky than Talkweb Information. It trades about 0.06 of its potential returns per unit of risk. Talkweb Information System is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 715.00 in Talkweb Information System on September 26, 2024 and sell it today you would earn a total of 1,176 from holding Talkweb Information System or generate 164.48% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
China Petroleum Chemical vs. Talkweb Information System
Performance |
Timeline |
China Petroleum Chemical |
Talkweb Information |
China Petroleum and Talkweb Information Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with China Petroleum and Talkweb Information
The main advantage of trading using opposite China Petroleum and Talkweb Information positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Petroleum position performs unexpectedly, Talkweb Information 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 Talkweb Information will offset losses from the drop in Talkweb Information's long position.China Petroleum vs. JuneYao Dairy Co | China Petroleum vs. Juewei Food Co | China Petroleum vs. Gan Yuan Foods | China Petroleum vs. Wintao Communications Co |
Talkweb Information vs. China Petroleum Chemical | Talkweb Information vs. PetroChina Co Ltd | Talkweb Information vs. China State Construction | Talkweb Information vs. China Railway Group |
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 CEOs Directory module to screen CEOs from public companies around the world.
Other Complementary Tools
Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |