Correlation Between CNOOC and Telling Telecommunicatio
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By analyzing existing cross correlation between CNOOC Limited and Telling Telecommunication Holding, you can compare the effects of market volatilities on CNOOC and Telling Telecommunicatio 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 Telling Telecommunicatio. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Telling Telecommunicatio.
Diversification Opportunities for CNOOC and Telling Telecommunicatio
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CNOOC and Telling is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Telling Telecommunication Hold in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Telling Telecommunicatio 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 Telling Telecommunicatio. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Telling Telecommunicatio has no effect on the direction of CNOOC i.e., CNOOC and Telling Telecommunicatio go up and down completely randomly.
Pair Corralation between CNOOC and Telling Telecommunicatio
Assuming the 90 days trading horizon CNOOC Limited is expected to generate 0.69 times more return on investment than Telling Telecommunicatio. However, CNOOC Limited is 1.44 times less risky than Telling Telecommunicatio. It trades about -0.16 of its potential returns per unit of risk. Telling Telecommunication Holding is currently generating about -0.15 per unit of risk. If you would invest 2,865 in CNOOC Limited on November 6, 2024 and sell it today you would lose (114.00) from holding CNOOC Limited or give up 3.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Telling Telecommunication Hold
Performance |
| Timeline |
| CNOOC Limited |
| Telling Telecommunicatio |
CNOOC and Telling Telecommunicatio Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Telling Telecommunicatio
The main advantage of trading using opposite CNOOC and Telling Telecommunicatio positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Telling Telecommunicatio 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 Telling Telecommunicatio will offset losses from the drop in Telling Telecommunicatio's long position.| CNOOC vs. Shandong Homey Aquatic | CNOOC vs. DO Home Collection | CNOOC vs. JCHX Mining Management | CNOOC vs. Ziel Home Furnishing |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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