Correlation Between CNOOC and Jiangsu Jinling
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By analyzing existing cross correlation between CNOOC Limited and Jiangsu Jinling Sports, you can compare the effects of market volatilities on CNOOC and Jiangsu Jinling 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 Jiangsu Jinling. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Jiangsu Jinling.
Diversification Opportunities for CNOOC and Jiangsu Jinling
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between CNOOC and Jiangsu is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Jiangsu Jinling Sports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Jinling Sports 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 Jiangsu Jinling. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Jinling Sports has no effect on the direction of CNOOC i.e., CNOOC and Jiangsu Jinling go up and down completely randomly.
Pair Corralation between CNOOC and Jiangsu Jinling
Assuming the 90 days trading horizon CNOOC Limited is expected to generate 0.3 times more return on investment than Jiangsu Jinling. However, CNOOC Limited is 3.36 times less risky than Jiangsu Jinling. It trades about 0.37 of its potential returns per unit of risk. Jiangsu Jinling Sports is currently generating about -0.08 per unit of risk. If you would invest 2,602 in CNOOC Limited on September 29, 2024 and sell it today you would earn a total of 286.00 from holding CNOOC Limited or generate 10.99% 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. Jiangsu Jinling Sports
Performance |
| Timeline |
| CNOOC Limited |
| Jiangsu Jinling Sports |
CNOOC and Jiangsu Jinling Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Jiangsu Jinling
The main advantage of trading using opposite CNOOC and Jiangsu Jinling positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Jiangsu Jinling 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 Jiangsu Jinling will offset losses from the drop in Jiangsu Jinling's long position.| CNOOC vs. Zhejiang Kingland Pipeline | CNOOC vs. Xiandai Investment Co | CNOOC vs. Xiangyang Automobile Bearing | CNOOC vs. Yunnan Xiyi Industrial |
| Jiangsu Jinling vs. Quectel Wireless Solutions | Jiangsu Jinling vs. Zhongrun Resources Investment | Jiangsu Jinling vs. Hainan Airlines Co | Jiangsu Jinling vs. Harbin Hatou Investment |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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