Correlation Between CNOOC and Monalisa Group
Specify exactly 2 symbols:
By analyzing existing cross correlation between CNOOC Limited and Monalisa Group Co, you can compare the effects of market volatilities on CNOOC and Monalisa Group 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 Monalisa Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Monalisa Group.
Diversification Opportunities for CNOOC and Monalisa Group
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between CNOOC and Monalisa is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Monalisa Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Monalisa Group 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 Monalisa Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Monalisa Group has no effect on the direction of CNOOC i.e., CNOOC and Monalisa Group go up and down completely randomly.
Pair Corralation between CNOOC and Monalisa Group
Assuming the 90 days trading horizon CNOOC is expected to generate 2.58 times less return on investment than Monalisa Group. But when comparing it to its historical volatility, CNOOC Limited is 5.94 times less risky than Monalisa Group. It trades about 0.08 of its potential returns per unit of risk. Monalisa Group Co is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,877 in Monalisa Group Co on September 14, 2024 and sell it today you would lose (921.00) from holding Monalisa Group Co or give up 49.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.2% |
| Values | Daily Returns |
CNOOC Limited vs. Monalisa Group Co
Performance |
| Timeline |
| CNOOC Limited |
| Monalisa Group |
CNOOC and Monalisa Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Monalisa Group
The main advantage of trading using opposite CNOOC and Monalisa Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Monalisa Group 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 Monalisa Group will offset losses from the drop in Monalisa Group's long position.| CNOOC vs. Kontour Medical Technology | CNOOC vs. Jinling Hotel Corp | CNOOC vs. CareRay Digital Medical | CNOOC vs. Allmed Medical Products |
| Monalisa Group vs. PetroChina Co Ltd | Monalisa Group vs. China Mobile Limited | Monalisa Group vs. CNOOC Limited | Monalisa Group 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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |