Correlation Between Haima Automobile and CNOOC
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By analyzing existing cross correlation between Haima Automobile Group and CNOOC Limited, you can compare the effects of market volatilities on Haima Automobile and CNOOC 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 Haima Automobile with a short position of CNOOC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haima Automobile and CNOOC.
Diversification Opportunities for Haima Automobile and CNOOC
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Haima and CNOOC is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Haima Automobile Group and CNOOC Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNOOC Limited and Haima Automobile 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 Haima Automobile Group are associated (or correlated) with CNOOC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CNOOC Limited has no effect on the direction of Haima Automobile i.e., Haima Automobile and CNOOC go up and down completely randomly.
Pair Corralation between Haima Automobile and CNOOC
Assuming the 90 days trading horizon Haima Automobile Group is expected to generate 1.73 times more return on investment than CNOOC. However, Haima Automobile is 1.73 times more volatile than CNOOC Limited. It trades about 0.04 of its potential returns per unit of risk. CNOOC Limited is currently generating about 0.05 per unit of risk. If you would invest 383.00 in Haima Automobile Group on August 28, 2024 and sell it today you would earn a total of 69.00 from holding Haima Automobile Group or generate 18.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.49% |
| Values | Daily Returns |
Haima Automobile Group vs. CNOOC Limited
Performance |
| Timeline |
| Haima Automobile |
| CNOOC Limited |
Haima Automobile and CNOOC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haima Automobile and CNOOC
The main advantage of trading using opposite Haima Automobile and CNOOC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haima Automobile position performs unexpectedly, CNOOC 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 CNOOC will offset losses from the drop in CNOOC's long position.| Haima Automobile vs. Lutian Machinery Co | Haima Automobile vs. China Longyuan Power | Haima Automobile vs. Changshu Tongrun Auto | Haima Automobile vs. PetroChina Co Ltd |
| CNOOC vs. Unisplendour Corp | CNOOC vs. CGN Nuclear Technology | CNOOC vs. HanS Laser Tech | CNOOC vs. Jiujiang Shanshui Technology |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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