Correlation Between CNOOC and Sportsoul
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By analyzing existing cross correlation between CNOOC Limited and Sportsoul Co Ltd, you can compare the effects of market volatilities on CNOOC and Sportsoul 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 Sportsoul. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Sportsoul.
Diversification Opportunities for CNOOC and Sportsoul
Excellent diversification
The 3 months correlation between CNOOC and Sportsoul is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Sportsoul Co Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sportsoul 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 Sportsoul. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sportsoul has no effect on the direction of CNOOC i.e., CNOOC and Sportsoul go up and down completely randomly.
Pair Corralation between CNOOC and Sportsoul
Assuming the 90 days trading horizon CNOOC Limited is expected to generate 0.37 times more return on investment than Sportsoul. However, CNOOC Limited is 2.68 times less risky than Sportsoul. It trades about 0.15 of its potential returns per unit of risk. Sportsoul Co Ltd is currently generating about -0.35 per unit of risk. If you would invest 2,703 in CNOOC Limited on October 14, 2024 and sell it today you would earn a total of 122.00 from holding CNOOC Limited or generate 4.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Sportsoul Co Ltd
Performance |
| Timeline |
| CNOOC Limited |
| Sportsoul |
CNOOC and Sportsoul Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Sportsoul
The main advantage of trading using opposite CNOOC and Sportsoul positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Sportsoul 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 Sportsoul will offset losses from the drop in Sportsoul's long position.| CNOOC vs. Beijing Mainstreets Investment | CNOOC vs. Shenzhen SDG Information | CNOOC vs. ButOne Information Corp | CNOOC vs. Hygon Information Technology |
| Sportsoul vs. Lutian Machinery Co | Sportsoul vs. Guangzhou Automobile Group | Sportsoul vs. Masterwork Machinery | Sportsoul vs. Hunan Tyen Machinery |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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