Correlation Between CareRay Digital and CNOOC
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By analyzing existing cross correlation between CareRay Digital Medical and CNOOC Limited, you can compare the effects of market volatilities on CareRay Digital 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 CareRay Digital with a short position of CNOOC. Check out your portfolio center. Please also check ongoing floating volatility patterns of CareRay Digital and CNOOC.
Diversification Opportunities for CareRay Digital and CNOOC
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between CareRay and CNOOC is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding CareRay Digital Medical and CNOOC Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNOOC Limited and CareRay Digital 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 CareRay Digital Medical 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 CareRay Digital i.e., CareRay Digital and CNOOC go up and down completely randomly.
Pair Corralation between CareRay Digital and CNOOC
Assuming the 90 days trading horizon CareRay Digital Medical is expected to under-perform the CNOOC. In addition to that, CareRay Digital is 1.64 times more volatile than CNOOC Limited. It trades about -0.01 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 |
CareRay Digital Medical vs. CNOOC Limited
Performance |
| Timeline |
| CareRay Digital Medical |
| CNOOC Limited |
CareRay Digital and CNOOC Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CareRay Digital and CNOOC
The main advantage of trading using opposite CareRay Digital and CNOOC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CareRay Digital 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.| CareRay Digital vs. Industrial and Commercial | CareRay Digital vs. Kweichow Moutai Co | CareRay Digital vs. Agricultural Bank of | CareRay Digital vs. China Mobile Limited |
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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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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