Correlation Between CNOOC and Sichuan Newsnet
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By analyzing existing cross correlation between CNOOC Limited and Sichuan Newsnet Media, you can compare the effects of market volatilities on CNOOC and Sichuan Newsnet 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 Sichuan Newsnet. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Sichuan Newsnet.
Diversification Opportunities for CNOOC and Sichuan Newsnet
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CNOOC and Sichuan is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Sichuan Newsnet Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sichuan Newsnet Media 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 Sichuan Newsnet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sichuan Newsnet Media has no effect on the direction of CNOOC i.e., CNOOC and Sichuan Newsnet go up and down completely randomly.
Pair Corralation between CNOOC and Sichuan Newsnet
Assuming the 90 days trading horizon CNOOC Limited is expected to under-perform the Sichuan Newsnet. But the stock apears to be less risky and, when comparing its historical volatility, CNOOC Limited is 1.82 times less risky than Sichuan Newsnet. The stock trades about -0.01 of its potential returns per unit of risk. The Sichuan Newsnet Media is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 1,181 in Sichuan Newsnet Media on October 18, 2024 and sell it today you would earn a total of 203.00 from holding Sichuan Newsnet Media or generate 17.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Sichuan Newsnet Media
Performance |
| Timeline |
| CNOOC Limited |
| Sichuan Newsnet Media |
CNOOC and Sichuan Newsnet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Sichuan Newsnet
The main advantage of trading using opposite CNOOC and Sichuan Newsnet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Sichuan Newsnet 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 Sichuan Newsnet will offset losses from the drop in Sichuan Newsnet's long position.| CNOOC vs. Hainan Haiqi Transportation | CNOOC vs. Silkroad Visual Technology | CNOOC vs. Dongguan Tarry Electronics | CNOOC vs. Shaanxi Broadcast TV |
| Sichuan Newsnet vs. Konfoong Materials International | Sichuan Newsnet vs. Jinsanjiang Silicon Material | Sichuan Newsnet vs. Chongqing Sulian Plastic | Sichuan Newsnet vs. Guangzhou Tinci Materials |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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