Correlation Between CNOOC and Zhongshan Public
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By analyzing existing cross correlation between CNOOC Limited and Zhongshan Public Utilities, you can compare the effects of market volatilities on CNOOC and Zhongshan Public 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 Zhongshan Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Zhongshan Public.
Diversification Opportunities for CNOOC and Zhongshan Public
0.08 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CNOOC and Zhongshan is 0.08. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Zhongshan Public Utilities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Zhongshan Public Uti 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 Zhongshan Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Zhongshan Public Uti has no effect on the direction of CNOOC i.e., CNOOC and Zhongshan Public go up and down completely randomly.
Pair Corralation between CNOOC and Zhongshan Public
Assuming the 90 days trading horizon CNOOC Limited is expected to under-perform the Zhongshan Public. But the stock apears to be less risky and, when comparing its historical volatility, CNOOC Limited is 1.05 times less risky than Zhongshan Public. The stock trades about -0.16 of its potential returns per unit of risk. The Zhongshan Public Utilities is currently generating about -0.13 of returns per unit of risk over similar time horizon. If you would invest 896.00 in Zhongshan Public Utilities on October 26, 2024 and sell it today you would lose (39.00) from holding Zhongshan Public Utilities or give up 4.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Zhongshan Public Utilities
Performance |
| Timeline |
| CNOOC Limited |
| Zhongshan Public Uti |
CNOOC and Zhongshan Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Zhongshan Public
The main advantage of trading using opposite CNOOC and Zhongshan Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Zhongshan Public 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 Zhongshan Public will offset losses from the drop in Zhongshan Public's long position.| CNOOC vs. Guangzhou Zhujiang Brewery | CNOOC vs. Hunan TV Broadcast | CNOOC vs. Shanghai Jinfeng Wine | CNOOC vs. Zhongshan Broad Ocean Motor |
| Zhongshan Public vs. Industrial and Commercial | Zhongshan Public vs. China Construction Bank | Zhongshan Public vs. Agricultural Bank of | Zhongshan Public vs. Bank of China |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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