Correlation Between Allmed Medical and CNOOC
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By analyzing existing cross correlation between Allmed Medical Products and CNOOC Limited, you can compare the effects of market volatilities on Allmed Medical 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 Allmed Medical with a short position of CNOOC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allmed Medical and CNOOC.
Diversification Opportunities for Allmed Medical and CNOOC
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Allmed and CNOOC is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Allmed Medical Products and CNOOC Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNOOC Limited and Allmed Medical 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 Allmed Medical Products 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 Allmed Medical i.e., Allmed Medical and CNOOC go up and down completely randomly.
Pair Corralation between Allmed Medical and CNOOC
Assuming the 90 days trading horizon Allmed Medical Products is expected to under-perform the CNOOC. In addition to that, Allmed Medical is 1.2 times more volatile than CNOOC Limited. It trades about 0.0 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 1,826 in CNOOC Limited on September 14, 2024 and sell it today you would earn a total of 877.00 from holding CNOOC Limited or generate 48.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allmed Medical Products vs. CNOOC Limited
Performance |
| Timeline |
| Allmed Medical Products |
| CNOOC Limited |
Allmed Medical and CNOOC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allmed Medical and CNOOC
The main advantage of trading using opposite Allmed Medical and CNOOC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allmed Medical 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.| Allmed Medical vs. Industrial and Commercial | Allmed Medical vs. Kweichow Moutai Co | Allmed Medical vs. Agricultural Bank of | Allmed Medical vs. China Mobile Limited |
| CNOOC vs. Kontour Medical Technology | CNOOC vs. Jinling Hotel Corp | CNOOC vs. CareRay Digital Medical | CNOOC vs. Allmed Medical Products |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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