Correlation Between Jointo Energy and CNOOC
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By analyzing existing cross correlation between Jointo Energy Investment and CNOOC Limited, you can compare the effects of market volatilities on Jointo Energy 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 Jointo Energy with a short position of CNOOC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jointo Energy and CNOOC.
Diversification Opportunities for Jointo Energy and CNOOC
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Jointo and CNOOC is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Jointo Energy Investment and CNOOC Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNOOC Limited and Jointo Energy 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 Jointo Energy Investment 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 Jointo Energy i.e., Jointo Energy and CNOOC go up and down completely randomly.
Pair Corralation between Jointo Energy and CNOOC
Assuming the 90 days trading horizon Jointo Energy Investment is expected to generate 2.48 times more return on investment than CNOOC. However, Jointo Energy is 2.48 times more volatile than CNOOC Limited. It trades about 0.23 of its potential returns per unit of risk. CNOOC Limited is currently generating about 0.37 per unit of risk. If you would invest 508.00 in Jointo Energy Investment on September 27, 2024 and sell it today you would earn a total of 86.00 from holding Jointo Energy Investment or generate 16.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jointo Energy Investment vs. CNOOC Limited
Performance |
| Timeline |
| Jointo Energy Investment |
| CNOOC Limited |
Jointo Energy and CNOOC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jointo Energy and CNOOC
The main advantage of trading using opposite Jointo Energy and CNOOC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jointo Energy 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.| Jointo Energy vs. Tianjin Ruixin Technology | Jointo Energy vs. Jiujiang Shanshui Technology | Jointo Energy vs. Shanghai Rongtai Health | Jointo Energy vs. Xizi Clean Energy |
| CNOOC vs. Nuode Investment Co | CNOOC vs. Xiandai Investment Co | CNOOC vs. Jointo Energy Investment | CNOOC vs. Minmetals Capital 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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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