Correlation Between Zoje Resources and CNPC Capital
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By analyzing existing cross correlation between Zoje Resources Investment and CNPC Capital Co, you can compare the effects of market volatilities on Zoje Resources and CNPC Capital 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 Zoje Resources with a short position of CNPC Capital. Check out your portfolio center. Please also check ongoing floating volatility patterns of Zoje Resources and CNPC Capital.
Diversification Opportunities for Zoje Resources and CNPC Capital
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Zoje and CNPC is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Zoje Resources Investment and CNPC Capital Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNPC Capital and Zoje Resources 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 Zoje Resources Investment are associated (or correlated) with CNPC Capital. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CNPC Capital has no effect on the direction of Zoje Resources i.e., Zoje Resources and CNPC Capital go up and down completely randomly.
Pair Corralation between Zoje Resources and CNPC Capital
Assuming the 90 days trading horizon Zoje Resources Investment is expected to generate 1.23 times more return on investment than CNPC Capital. However, Zoje Resources is 1.23 times more volatile than CNPC Capital Co. It trades about 0.06 of its potential returns per unit of risk. CNPC Capital Co is currently generating about 0.02 per unit of risk. If you would invest 119.00 in Zoje Resources Investment on October 16, 2024 and sell it today you would earn a total of 122.00 from holding Zoje Resources Investment or generate 102.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Zoje Resources Investment vs. CNPC Capital Co
Performance |
| Timeline |
| Zoje Resources Investment |
| CNPC Capital |
Zoje Resources and CNPC Capital Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Zoje Resources and CNPC Capital
The main advantage of trading using opposite Zoje Resources and CNPC Capital positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Zoje Resources position performs unexpectedly, CNPC Capital 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 CNPC Capital will offset losses from the drop in CNPC Capital's long position.| Zoje Resources vs. Ningbo MedicalSystem Biotechnology | Zoje Resources vs. Guotai Epoint Software | Zoje Resources vs. Shenzhen Topway Video | Zoje Resources vs. Thunder Software Technology |
| CNPC Capital vs. Xinjiang Baodi Mining | CNPC Capital vs. Chengtun Mining Group | CNPC Capital vs. Zoje Resources Investment | CNPC Capital vs. Jointo Energy Investment |
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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