Correlation Between PetroChina and Thinkingdom Media
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By analyzing existing cross correlation between PetroChina Co Ltd and Thinkingdom Media Group, you can compare the effects of market volatilities on PetroChina and Thinkingdom Media 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 PetroChina with a short position of Thinkingdom Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of PetroChina and Thinkingdom Media.
Diversification Opportunities for PetroChina and Thinkingdom Media
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between PetroChina and Thinkingdom is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding PetroChina Co Ltd and Thinkingdom Media Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Thinkingdom Media and PetroChina 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 PetroChina Co Ltd are associated (or correlated) with Thinkingdom Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Thinkingdom Media has no effect on the direction of PetroChina i.e., PetroChina and Thinkingdom Media go up and down completely randomly.
Pair Corralation between PetroChina and Thinkingdom Media
Assuming the 90 days trading horizon PetroChina is expected to generate 6.36 times less return on investment than Thinkingdom Media. But when comparing it to its historical volatility, PetroChina Co Ltd is 1.61 times less risky than Thinkingdom Media. It trades about 0.04 of its potential returns per unit of risk. Thinkingdom Media Group is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest 1,493 in Thinkingdom Media Group on September 23, 2024 and sell it today you would earn a total of 541.00 from holding Thinkingdom Media Group or generate 36.24% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
PetroChina Co Ltd vs. Thinkingdom Media Group
Performance |
Timeline |
PetroChina |
Thinkingdom Media |
PetroChina and Thinkingdom Media Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with PetroChina and Thinkingdom Media
The main advantage of trading using opposite PetroChina and Thinkingdom Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PetroChina position performs unexpectedly, Thinkingdom Media 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 Thinkingdom Media will offset losses from the drop in Thinkingdom Media's long position.PetroChina vs. Zhejiang Kingland Pipeline | PetroChina vs. Jiangsu Zhongtian Technology | PetroChina vs. Shaanxi Beiyuan Chemical | PetroChina vs. Sinomine Resource Exploration |
Thinkingdom Media vs. Allied Machinery Co | Thinkingdom Media vs. Hongrun Construction Group | Thinkingdom Media vs. Xingguang Agricultural Mach | Thinkingdom Media vs. Shuhua Sports Co |
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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