Correlation Between CNOOC and Tianjin Realty
Specify exactly 2 symbols:
By analyzing existing cross correlation between CNOOC Limited and Tianjin Realty Development, you can compare the effects of market volatilities on CNOOC and Tianjin Realty 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 Tianjin Realty. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Tianjin Realty.
Diversification Opportunities for CNOOC and Tianjin Realty
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CNOOC and Tianjin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Tianjin Realty Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianjin Realty Devel 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 Tianjin Realty. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianjin Realty Devel has no effect on the direction of CNOOC i.e., CNOOC and Tianjin Realty go up and down completely randomly.
Pair Corralation between CNOOC and Tianjin Realty
Assuming the 90 days trading horizon CNOOC Limited is expected to generate 0.33 times more return on investment than Tianjin Realty. However, CNOOC Limited is 3.01 times less risky than Tianjin Realty. It trades about 0.15 of its potential returns per unit of risk. Tianjin Realty Development is currently generating about -0.32 per unit of risk. If you would invest 2,703 in CNOOC Limited on October 14, 2024 and sell it today you would earn a total of 122.00 from holding CNOOC Limited or generate 4.51% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Tianjin Realty Development
Performance |
| Timeline |
| CNOOC Limited |
| Tianjin Realty Devel |
CNOOC and Tianjin Realty Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Tianjin Realty
The main advantage of trading using opposite CNOOC and Tianjin Realty positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Tianjin Realty 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 Tianjin Realty will offset losses from the drop in Tianjin Realty's long position.| CNOOC vs. Beijing Mainstreets Investment | CNOOC vs. Shenzhen SDG Information | CNOOC vs. ButOne Information Corp | CNOOC vs. Hygon Information Technology |
| Tianjin Realty vs. RoadMain T Co | Tianjin Realty vs. Eit Environmental Development | Tianjin Realty vs. Shaanxi Broadcast TV | Tianjin Realty vs. Shenzhen MYS Environmental |
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.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges |