Correlation Between CNOOC and Shenzhen Centralcon
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By analyzing existing cross correlation between CNOOC Limited and Shenzhen Centralcon Investment, you can compare the effects of market volatilities on CNOOC and Shenzhen Centralcon 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 CNOOC with a short position of Shenzhen Centralcon. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Shenzhen Centralcon.
Diversification Opportunities for CNOOC and Shenzhen Centralcon
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CNOOC and Shenzhen is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Shenzhen Centralcon Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Centralcon and CNOOC 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 CNOOC Limited are associated (or correlated) with Shenzhen Centralcon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Centralcon has no effect on the direction of CNOOC i.e., CNOOC and Shenzhen Centralcon go up and down completely randomly.
Pair Corralation between CNOOC and Shenzhen Centralcon
Assuming the 90 days trading horizon CNOOC Limited is expected to generate 0.64 times more return on investment than Shenzhen Centralcon. However, CNOOC Limited is 1.57 times less risky than Shenzhen Centralcon. It trades about 0.08 of its potential returns per unit of risk. Shenzhen Centralcon Investment is currently generating about -0.03 per unit of risk. If you would invest 1,450 in CNOOC Limited on October 14, 2024 and sell it today you would earn a total of 1,375 from holding CNOOC Limited or generate 94.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Shenzhen Centralcon Investment
Performance |
| Timeline |
| CNOOC Limited |
| Shenzhen Centralcon |
CNOOC and Shenzhen Centralcon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Shenzhen Centralcon
The main advantage of trading using opposite CNOOC and Shenzhen Centralcon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Shenzhen Centralcon 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 Shenzhen Centralcon will offset losses from the drop in Shenzhen Centralcon's long position.| CNOOC vs. Ningbo Tech Bank Co | CNOOC vs. Guosheng Financial Holding | CNOOC vs. China Minmetals Rare | CNOOC vs. GRG Banking Equipment |
| Shenzhen Centralcon vs. Weihai Honglin Electronic | Shenzhen Centralcon vs. Leyard Optoelectronic | Shenzhen Centralcon vs. TongFu Microelectronics Co | Shenzhen Centralcon vs. YiDong Electronics Technology |
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 Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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