Correlation Between CNOOC and Shenzhen Sunlord
Specify exactly 2 symbols:
By analyzing existing cross correlation between CNOOC Limited and Shenzhen Sunlord Electronics, you can compare the effects of market volatilities on CNOOC and Shenzhen Sunlord 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 Sunlord. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Shenzhen Sunlord.
Diversification Opportunities for CNOOC and Shenzhen Sunlord
-0.03 | Correlation Coefficient |
Good diversification
The 3 months correlation between CNOOC and Shenzhen is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Shenzhen Sunlord Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Sunlord Ele 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 Sunlord. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Sunlord Ele has no effect on the direction of CNOOC i.e., CNOOC and Shenzhen Sunlord go up and down completely randomly.
Pair Corralation between CNOOC and Shenzhen Sunlord
Assuming the 90 days trading horizon CNOOC is expected to generate 7.63 times less return on investment than Shenzhen Sunlord. But when comparing it to its historical volatility, CNOOC Limited is 1.99 times less risky than Shenzhen Sunlord. It trades about 0.03 of its potential returns per unit of risk. Shenzhen Sunlord Electronics is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 2,991 in Shenzhen Sunlord Electronics on September 5, 2024 and sell it today you would earn a total of 166.00 from holding Shenzhen Sunlord Electronics or generate 5.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Shenzhen Sunlord Electronics
Performance |
| Timeline |
| CNOOC Limited |
| Shenzhen Sunlord Ele |
CNOOC and Shenzhen Sunlord Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Shenzhen Sunlord
The main advantage of trading using opposite CNOOC and Shenzhen Sunlord positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Shenzhen Sunlord 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 Sunlord will offset losses from the drop in Shenzhen Sunlord's long position.| CNOOC vs. Zhejiang Kingland Pipeline | CNOOC vs. Shenzhen Transsion Holdings | CNOOC vs. Fushun Special Steel | CNOOC vs. CITIC Securities Co |
| Shenzhen Sunlord vs. Keli Sensing Technology | Shenzhen Sunlord vs. Guangzhou Zhujiang Brewery | Shenzhen Sunlord vs. Linewell Software Co | Shenzhen Sunlord vs. Anhui Transport Consulting |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm |