Correlation Between CNOOC and Jiangsu Bioperfectus
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By analyzing existing cross correlation between CNOOC Limited and Jiangsu Bioperfectus Technologies, you can compare the effects of market volatilities on CNOOC and Jiangsu Bioperfectus 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 Jiangsu Bioperfectus. Check out your portfolio center. Please also check ongoing floating volatility patterns of CNOOC and Jiangsu Bioperfectus.
Diversification Opportunities for CNOOC and Jiangsu Bioperfectus
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between CNOOC and Jiangsu is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding CNOOC Limited and Jiangsu Bioperfectus Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Bioperfectus 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 Jiangsu Bioperfectus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Bioperfectus has no effect on the direction of CNOOC i.e., CNOOC and Jiangsu Bioperfectus go up and down completely randomly.
Pair Corralation between CNOOC and Jiangsu Bioperfectus
Assuming the 90 days trading horizon CNOOC Limited is expected to generate 0.42 times more return on investment than Jiangsu Bioperfectus. However, CNOOC Limited is 2.39 times less risky than Jiangsu Bioperfectus. It trades about -0.13 of its potential returns per unit of risk. Jiangsu Bioperfectus Technologies is currently generating about -0.2 per unit of risk. If you would invest 2,705 in CNOOC Limited on September 2, 2024 and sell it today you would lose (87.00) from holding CNOOC Limited or give up 3.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CNOOC Limited vs. Jiangsu Bioperfectus Technolog
Performance |
| Timeline |
| CNOOC Limited |
| Jiangsu Bioperfectus |
CNOOC and Jiangsu Bioperfectus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CNOOC and Jiangsu Bioperfectus
The main advantage of trading using opposite CNOOC and Jiangsu Bioperfectus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CNOOC position performs unexpectedly, Jiangsu Bioperfectus 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 Jiangsu Bioperfectus will offset losses from the drop in Jiangsu Bioperfectus' long position.| CNOOC vs. Great Sun Foods Co | CNOOC vs. Jiajia Food Group | CNOOC vs. Lutian Machinery Co | CNOOC vs. Ligao Foods CoLtd |
| Jiangsu Bioperfectus vs. PetroChina Co Ltd | Jiangsu Bioperfectus vs. China Mobile Limited | Jiangsu Bioperfectus vs. CNOOC Limited | Jiangsu Bioperfectus vs. Ping An Insurance |
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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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