Correlation Between Eyebright Medical and CNOOC
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By analyzing existing cross correlation between Eyebright Medical Technology and CNOOC Limited, you can compare the effects of market volatilities on Eyebright Medical 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 Eyebright Medical with a short position of CNOOC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eyebright Medical and CNOOC.
Diversification Opportunities for Eyebright Medical and CNOOC
-0.04 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eyebright and CNOOC is -0.04. Overlapping area represents the amount of risk that can be diversified away by holding Eyebright Medical Technology and CNOOC Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNOOC Limited and Eyebright Medical 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 Eyebright Medical Technology 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 Eyebright Medical i.e., Eyebright Medical and CNOOC go up and down completely randomly.
Pair Corralation between Eyebright Medical and CNOOC
Assuming the 90 days trading horizon Eyebright Medical Technology is expected to under-perform the CNOOC. In addition to that, Eyebright Medical is 1.71 times more volatile than CNOOC Limited. It trades about -0.04 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 1,450 in CNOOC Limited on October 16, 2024 and sell it today you would earn a total of 1,433 from holding CNOOC Limited or generate 98.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Eyebright Medical Technology vs. CNOOC Limited
Performance |
| Timeline |
| Eyebright Medical |
| CNOOC Limited |
Eyebright Medical and CNOOC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eyebright Medical and CNOOC
The main advantage of trading using opposite Eyebright Medical and CNOOC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eyebright Medical 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.| Eyebright Medical vs. Weichai Heavy Machinery | Eyebright Medical vs. Konfoong Materials International | Eyebright Medical vs. Long Yuan Construction | Eyebright Medical vs. Masterwork Machinery |
| CNOOC vs. Tianjin Ruixin Technology | CNOOC vs. Zhongzhu Medical Holdings | CNOOC vs. Eyebright Medical Technology | CNOOC vs. Kingsignal Technology 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 Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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