Correlation Between CNOOC and Guangdong Cellwise
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By analyzing existing cross correlation between CNOOC Limited and Guangdong Cellwise Microelectronics, you can compare the effects of market volatilities on CNOOC and Guangdong Cellwise 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 Guangdong Cellwise. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Guangdong Cellwise.
Diversification Opportunities for CNOOC and Guangdong Cellwise
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between CNOOC and Guangdong is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Guangdong Cellwise Microelectr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangdong Cellwise 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 Guangdong Cellwise. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangdong Cellwise has no effect on the direction of CNOOC i.e., CNOOC and Guangdong Cellwise go up and down completely randomly.
Pair Corralation between CNOOC and Guangdong Cellwise
Assuming the 90 days trading horizon CNOOC Limited is expected to under-perform the Guangdong Cellwise. But the stock apears to be less risky and, when comparing its historical volatility, CNOOC Limited is 2.31 times less risky than Guangdong Cellwise. The stock trades about -0.19 of its potential returns per unit of risk. The Guangdong Cellwise Microelectronics is currently generating about -0.05 of returns per unit of risk over similar time horizon. If you would invest 5,340 in Guangdong Cellwise Microelectronics on October 28, 2024 and sell it today you would lose (242.00) from holding Guangdong Cellwise Microelectronics or give up 4.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Guangdong Cellwise Microelectr
Performance |
| Timeline |
| CNOOC Limited |
| Guangdong Cellwise |
CNOOC and Guangdong Cellwise Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Guangdong Cellwise
The main advantage of trading using opposite CNOOC and Guangdong Cellwise positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Guangdong Cellwise 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 Guangdong Cellwise will offset losses from the drop in Guangdong Cellwise's long position.| CNOOC vs. Tianjin Hi Tech Development | CNOOC vs. Hangzhou Gisway Information | CNOOC vs. Dawning Information Industry | CNOOC vs. Sichuan Jinshi Technology |
| Guangdong Cellwise vs. Success Electronics | Guangdong Cellwise vs. Sihui Fuji Electronics | Guangdong Cellwise vs. Guangdong Jingyi Metal | Guangdong Cellwise vs. Shengda Mining Co |
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 Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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