Correlation Between Kingsignal Technology and CNOOC
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By analyzing existing cross correlation between Kingsignal Technology Co and CNOOC Limited, you can compare the effects of market volatilities on Kingsignal Technology 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 Kingsignal Technology with a short position of CNOOC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingsignal Technology and CNOOC.
Diversification Opportunities for Kingsignal Technology and CNOOC
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Kingsignal and CNOOC is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding Kingsignal Technology Co and CNOOC Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNOOC Limited and Kingsignal Technology 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 Kingsignal Technology Co 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 Kingsignal Technology i.e., Kingsignal Technology and CNOOC go up and down completely randomly.
Pair Corralation between Kingsignal Technology and CNOOC
Assuming the 90 days trading horizon Kingsignal Technology is expected to generate 1.5 times less return on investment than CNOOC. In addition to that, Kingsignal Technology is 2.19 times more volatile than CNOOC Limited. It trades about 0.03 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 1,450 in CNOOC Limited on October 16, 2024 and sell it today you would earn a total of 1,433 from holding CNOOC Limited or generate 98.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingsignal Technology Co vs. CNOOC Limited
Performance |
| Timeline |
| Kingsignal Technology |
| CNOOC Limited |
Kingsignal Technology and CNOOC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingsignal Technology and CNOOC
The main advantage of trading using opposite Kingsignal Technology and CNOOC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingsignal Technology 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.| Kingsignal Technology vs. Porton Fine Chemicals | Kingsignal Technology vs. Linewell Software Co | Kingsignal Technology vs. Dymatic Chemicals | Kingsignal Technology vs. Hubei Xingfa Chemicals |
| CNOOC vs. Tianjin Ruixin Technology | CNOOC vs. Zhongzhu Medical Holdings | CNOOC vs. Eyebright Medical Technology | CNOOC vs. Kingsignal Technology 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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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