Correlation Between CNOOC and Shanghai V
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By analyzing existing cross correlation between CNOOC Limited and Shanghai V Test Semiconductor, you can compare the effects of market volatilities on CNOOC and Shanghai V 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 V. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Shanghai V.
Diversification Opportunities for CNOOC and Shanghai V
-0.59 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CNOOC and Shanghai is -0.59. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Shanghai V Test Semiconductor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai V Test 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 V. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai V Test has no effect on the direction of CNOOC i.e., CNOOC and Shanghai V go up and down completely randomly.
Pair Corralation between CNOOC and Shanghai V
Assuming the 90 days trading horizon CNOOC Limited is expected to generate 0.48 times more return on investment than Shanghai V. However, CNOOC Limited is 2.09 times less risky than Shanghai V. It trades about 0.08 of its potential returns per unit of risk. Shanghai V Test Semiconductor is currently generating about 0.01 per unit of risk. If you would invest 1,434 in CNOOC Limited on October 25, 2024 and sell it today you would earn a total of 1,326 from holding CNOOC Limited or generate 92.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Shanghai V Test Semiconductor
Performance |
| Timeline |
| CNOOC Limited |
| Shanghai V Test |
CNOOC and Shanghai V Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Shanghai V
The main advantage of trading using opposite CNOOC and Shanghai V positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Shanghai V 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 V will offset losses from the drop in Shanghai V's long position.| CNOOC vs. Weihai Honglin Electronic | CNOOC vs. Gan Yuan Foods | CNOOC vs. Guilin Seamild Foods | CNOOC vs. Integrated Electronic Systems |
| Shanghai V vs. Kweichow Moutai Co | Shanghai V vs. NAURA Technology Group | Shanghai V vs. APT Medical | Shanghai V vs. BYD Co Ltd |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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