Correlation Between Anhui Gujing and CNOOC
Specify exactly 2 symbols:
By analyzing existing cross correlation between Anhui Gujing Distillery and CNOOC Limited, you can compare the effects of market volatilities on Anhui Gujing 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 Anhui Gujing with a short position of CNOOC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anhui Gujing and CNOOC.
Diversification Opportunities for Anhui Gujing and CNOOC
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Anhui and CNOOC is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Anhui Gujing Distillery and CNOOC Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNOOC Limited and Anhui Gujing 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 Anhui Gujing Distillery 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 Anhui Gujing i.e., Anhui Gujing and CNOOC go up and down completely randomly.
Pair Corralation between Anhui Gujing and CNOOC
Assuming the 90 days trading horizon Anhui Gujing Distillery is expected to under-perform the CNOOC. In addition to that, Anhui Gujing is 2.49 times more volatile than CNOOC Limited. It trades about -0.04 of its total potential returns per unit of risk. CNOOC Limited is currently generating about -0.08 per unit of volatility. If you would invest 2,673 in CNOOC Limited on September 3, 2024 and sell it today you would lose (55.00) from holding CNOOC Limited or give up 2.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Anhui Gujing Distillery vs. CNOOC Limited
Performance |
| Timeline |
| Anhui Gujing Distillery |
| CNOOC Limited |
Anhui Gujing and CNOOC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anhui Gujing and CNOOC
The main advantage of trading using opposite Anhui Gujing and CNOOC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anhui Gujing 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.| Anhui Gujing vs. Chinese Universe Publishing | Anhui Gujing vs. Shandong Publishing Media | Anhui Gujing vs. HUAQIN TECHNOLOGY LTD | Anhui Gujing vs. Shanghai Action Education |
| CNOOC vs. HeBei Jinniu Chemical | CNOOC vs. Sinofibers Technology Co | CNOOC vs. Shaanxi Beiyuan Chemical | CNOOC vs. Guangzhou KingTeller 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.
Other Complementary Tools
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |