Correlation Between CNOOC and Holitech Technology
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By analyzing existing cross correlation between CNOOC Limited and Holitech Technology Co, you can compare the effects of market volatilities on CNOOC and Holitech Technology 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 Holitech Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Holitech Technology.
Diversification Opportunities for CNOOC and Holitech Technology
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CNOOC and Holitech is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Holitech Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Holitech Technology 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 Holitech Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Holitech Technology has no effect on the direction of CNOOC i.e., CNOOC and Holitech Technology go up and down completely randomly.
Pair Corralation between CNOOC and Holitech Technology
Assuming the 90 days trading horizon CNOOC Limited is expected to under-perform the Holitech Technology. But the stock apears to be less risky and, when comparing its historical volatility, CNOOC Limited is 1.41 times less risky than Holitech Technology. The stock trades about -0.01 of its potential returns per unit of risk. The Holitech Technology Co is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest 126.00 in Holitech Technology Co on September 4, 2024 and sell it today you would earn a total of 108.00 from holding Holitech Technology Co or generate 85.71% 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. Holitech Technology Co
Performance |
| Timeline |
| CNOOC Limited |
| Holitech Technology |
CNOOC and Holitech Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Holitech Technology
The main advantage of trading using opposite CNOOC and Holitech Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Holitech Technology 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 Holitech Technology will offset losses from the drop in Holitech Technology's long position.| CNOOC vs. China Nonferrous Metal | CNOOC vs. Pengxin International Mining | CNOOC vs. Luyin Investment Group | CNOOC vs. Shenzhen Centralcon Investment |
| Holitech Technology vs. PetroChina Co Ltd | Holitech Technology vs. China Mobile Limited | Holitech Technology vs. CNOOC Limited | Holitech Technology vs. Ping An Insurance |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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