Correlation Between Sichuan Jinshi and CNOOC
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By analyzing existing cross correlation between Sichuan Jinshi Technology and CNOOC Limited, you can compare the effects of market volatilities on Sichuan Jinshi 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 Sichuan Jinshi with a short position of CNOOC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sichuan Jinshi and CNOOC.
Diversification Opportunities for Sichuan Jinshi and CNOOC
-0.52 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sichuan and CNOOC is -0.52. Overlapping area represents the amount of risk that can be diversified away by holding Sichuan Jinshi Technology and CNOOC Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNOOC Limited and Sichuan Jinshi 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 Sichuan Jinshi Technology 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 Sichuan Jinshi i.e., Sichuan Jinshi and CNOOC go up and down completely randomly.
Pair Corralation between Sichuan Jinshi and CNOOC
If you would invest (100.00) in Sichuan Jinshi Technology on November 6, 2024 and sell it today you would earn a total of 100.00 from holding Sichuan Jinshi Technology or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
Sichuan Jinshi Technology vs. CNOOC Limited
Performance |
| Timeline |
| Sichuan Jinshi Technology |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| CNOOC Limited |
Sichuan Jinshi and CNOOC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sichuan Jinshi and CNOOC
The main advantage of trading using opposite Sichuan Jinshi and CNOOC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sichuan Jinshi 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.| Sichuan Jinshi vs. Jiamei Food Packaging | Sichuan Jinshi vs. Shenzhen Urban Transport | Sichuan Jinshi vs. New Hope Dairy | Sichuan Jinshi vs. Namchow Food Group |
| CNOOC vs. Shandong Homey Aquatic | CNOOC vs. DO Home Collection | CNOOC vs. JCHX Mining Management | CNOOC vs. Ziel Home Furnishing |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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