Correlation Between CNOOC and Shanghai Rightongene
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By analyzing existing cross correlation between CNOOC Limited and Shanghai Rightongene Biotechnology, you can compare the effects of market volatilities on CNOOC and Shanghai Rightongene 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 Shanghai Rightongene. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Shanghai Rightongene.
Diversification Opportunities for CNOOC and Shanghai Rightongene
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between CNOOC and Shanghai is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Shanghai Rightongene Biotechno in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Rightongene 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 Shanghai Rightongene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Rightongene has no effect on the direction of CNOOC i.e., CNOOC and Shanghai Rightongene go up and down completely randomly.
Pair Corralation between CNOOC and Shanghai Rightongene
Assuming the 90 days trading horizon CNOOC Limited is expected to generate 0.54 times more return on investment than Shanghai Rightongene. However, CNOOC Limited is 1.86 times less risky than Shanghai Rightongene. It trades about -0.01 of its potential returns per unit of risk. Shanghai Rightongene Biotechnology is currently generating about -0.01 per unit of risk. If you would invest 2,854 in CNOOC Limited on September 3, 2024 and sell it today you would lose (236.00) from holding CNOOC Limited or give up 8.27% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Shanghai Rightongene Biotechno
Performance |
| Timeline |
| CNOOC Limited |
| Shanghai Rightongene |
CNOOC and Shanghai Rightongene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Shanghai Rightongene
The main advantage of trading using opposite CNOOC and Shanghai Rightongene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Shanghai Rightongene 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 Shanghai Rightongene will offset losses from the drop in Shanghai Rightongene's long position.| CNOOC vs. HeBei Jinniu Chemical | CNOOC vs. Sinofibers Technology Co | CNOOC vs. Shaanxi Beiyuan Chemical | CNOOC vs. Guangzhou KingTeller Technology |
| Shanghai Rightongene vs. Chengdu Kanghua Biological | Shanghai Rightongene vs. Beijing Wantai Biological | Shanghai Rightongene vs. Suzhou Novoprotein Scientific | Shanghai Rightongene vs. Aluminum Corp of |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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