Correlation Between CNOOC and Bus Online
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By analyzing existing cross correlation between CNOOC Limited and Bus Online Co, you can compare the effects of market volatilities on CNOOC and Bus Online 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 Bus Online. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Bus Online.
Diversification Opportunities for CNOOC and Bus Online
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between CNOOC and Bus is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Bus Online Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bus Online 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 Bus Online. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bus Online has no effect on the direction of CNOOC i.e., CNOOC and Bus Online go up and down completely randomly.
Pair Corralation between CNOOC and Bus Online
Assuming the 90 days trading horizon CNOOC Limited is expected to generate 0.61 times more return on investment than Bus Online. However, CNOOC Limited is 1.63 times less risky than Bus Online. It trades about 0.08 of its potential returns per unit of risk. Bus Online Co is currently generating about 0.0 per unit of risk. If you would invest 1,725 in CNOOC Limited on September 12, 2024 and sell it today you would earn a total of 978.00 from holding CNOOC Limited or generate 56.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Bus Online Co
Performance |
| Timeline |
| CNOOC Limited |
| Bus Online |
CNOOC and Bus Online Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Bus Online
The main advantage of trading using opposite CNOOC and Bus Online positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Bus Online 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 Bus Online will offset losses from the drop in Bus Online's long position.| CNOOC vs. Bus Online Co | CNOOC vs. Ningbo Tech Bank Co | CNOOC vs. China Construction Bank | CNOOC vs. HeNan Splendor Science |
| Bus Online vs. Gansu Jiu Steel | Bus Online vs. Shandong Mining Machinery | Bus Online vs. Aba Chemicals Corp | Bus Online vs. BlueFocus Communication Group |
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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