Correlation Between Keda Clean and CNOOC
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By analyzing existing cross correlation between Keda Clean Energy and CNOOC Limited, you can compare the effects of market volatilities on Keda Clean 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 Keda Clean with a short position of CNOOC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Keda Clean and CNOOC.
Diversification Opportunities for Keda Clean and CNOOC
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between Keda and CNOOC is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Keda Clean Energy and CNOOC Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNOOC Limited and Keda Clean 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 Keda Clean Energy 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 Keda Clean i.e., Keda Clean and CNOOC go up and down completely randomly.
Pair Corralation between Keda Clean and CNOOC
Assuming the 90 days trading horizon Keda Clean Energy is expected to under-perform the CNOOC. In addition to that, Keda Clean is 1.01 times more volatile than CNOOC Limited. It trades about -0.05 of its total potential returns per unit of risk. CNOOC Limited is currently generating about 0.07 per unit of volatility. If you would invest 1,548 in CNOOC Limited on August 24, 2024 and sell it today you would earn a total of 1,097 from holding CNOOC Limited or generate 70.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Keda Clean Energy vs. CNOOC Limited
Performance |
| Timeline |
| Keda Clean Energy |
| CNOOC Limited |
Keda Clean and CNOOC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Keda Clean and CNOOC
The main advantage of trading using opposite Keda Clean and CNOOC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Keda Clean 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.| Keda Clean vs. Shanghai Yaoji Playing | Keda Clean vs. Caihong Display Devices | Keda Clean vs. Unigroup Guoxin Microelectronics | Keda Clean vs. Dongnan Electronics Co |
| CNOOC vs. Haima Automobile Group | CNOOC vs. Keda Clean Energy | CNOOC vs. Chongqing Changan Automobile | CNOOC vs. Guangzhou Haige Communications |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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