Correlation Between Jinling Hotel and CNOOC
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By analyzing existing cross correlation between Jinling Hotel Corp and CNOOC Limited, you can compare the effects of market volatilities on Jinling Hotel and CNOOC 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 Jinling Hotel with a short position of CNOOC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinling Hotel and CNOOC.
Diversification Opportunities for Jinling Hotel and CNOOC
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between Jinling and CNOOC is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Jinling Hotel Corp and CNOOC Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNOOC Limited and Jinling Hotel 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 Jinling Hotel Corp are associated (or correlated) with CNOOC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CNOOC Limited has no effect on the direction of Jinling Hotel i.e., Jinling Hotel and CNOOC go up and down completely randomly.
Pair Corralation between Jinling Hotel and CNOOC
Assuming the 90 days trading horizon Jinling Hotel is expected to generate 4.39 times less return on investment than CNOOC. In addition to that, Jinling Hotel is 1.15 times more volatile than CNOOC Limited. It trades about 0.02 of its total potential returns per unit of risk. CNOOC Limited is currently generating about 0.08 per unit of volatility. If you would invest 1,826 in CNOOC Limited on September 14, 2024 and sell it today you would earn a total of 877.00 from holding CNOOC Limited or generate 48.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.62% |
| Values | Daily Returns |
Jinling Hotel Corp vs. CNOOC Limited
Performance |
| Timeline |
| Jinling Hotel Corp |
| CNOOC Limited |
Jinling Hotel and CNOOC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinling Hotel and CNOOC
The main advantage of trading using opposite Jinling Hotel and CNOOC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinling Hotel position performs unexpectedly, CNOOC 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 CNOOC will offset losses from the drop in CNOOC's long position.| Jinling Hotel vs. Ming Yang Smart | Jinling Hotel vs. 159681 | Jinling Hotel vs. 159005 | Jinling Hotel vs. Loctek Ergonomic Technology |
| CNOOC vs. Kontour Medical Technology | CNOOC vs. Jinling Hotel Corp | CNOOC vs. CareRay Digital Medical | CNOOC vs. Allmed Medical Products |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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