Correlation Between AGNC INVESTMENT and CNOOC
Can any of the company-specific risk be diversified away by investing in both AGNC INVESTMENT and CNOOC at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining AGNC INVESTMENT and CNOOC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGNC INVESTMENT and CNOOC, you can compare the effects of market volatilities on AGNC INVESTMENT 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 AGNC INVESTMENT with a short position of CNOOC. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGNC INVESTMENT and CNOOC.
Diversification Opportunities for AGNC INVESTMENT and CNOOC
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between AGNC and CNOOC is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding AGNC INVESTMENT and CNOOC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNOOC and AGNC INVESTMENT 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 AGNC 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 has no effect on the direction of AGNC INVESTMENT i.e., AGNC INVESTMENT and CNOOC go up and down completely randomly.
Pair Corralation between AGNC INVESTMENT and CNOOC
If you would invest 874.00 in AGNC INVESTMENT on September 13, 2024 and sell it today you would earn a total of 38.00 from holding AGNC INVESTMENT or generate 4.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
AGNC INVESTMENT vs. CNOOC
Performance |
| Timeline |
| AGNC INVESTMENT |
| CNOOC |
AGNC INVESTMENT and CNOOC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGNC INVESTMENT and CNOOC
The main advantage of trading using opposite AGNC INVESTMENT and CNOOC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGNC INVESTMENT 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.| AGNC INVESTMENT vs. Apple Inc | AGNC INVESTMENT vs. Apple Inc | AGNC INVESTMENT vs. Apple Inc | AGNC INVESTMENT vs. Apple Inc |
| CNOOC vs. Ribbon Communications | CNOOC vs. LG Display Co | CNOOC vs. WillScot Mobile Mini | CNOOC vs. Hollywood Bowl Group |
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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