Correlation Between YLZ Information and Contemporary Amperex
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By analyzing existing cross correlation between YLZ Information Tech and Contemporary Amperex Technology, you can compare the effects of market volatilities on YLZ Information and Contemporary Amperex 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 YLZ Information with a short position of Contemporary Amperex. Check out your portfolio center. Please also check ongoing floating volatility patterns of YLZ Information and Contemporary Amperex.
Diversification Opportunities for YLZ Information and Contemporary Amperex
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between YLZ and Contemporary is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding YLZ Information Tech and Contemporary Amperex Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contemporary Amperex and YLZ Information 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 YLZ Information Tech are associated (or correlated) with Contemporary Amperex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contemporary Amperex has no effect on the direction of YLZ Information i.e., YLZ Information and Contemporary Amperex go up and down completely randomly.
Pair Corralation between YLZ Information and Contemporary Amperex
Assuming the 90 days trading horizon YLZ Information Tech is expected to generate 1.53 times more return on investment than Contemporary Amperex. However, YLZ Information is 1.53 times more volatile than Contemporary Amperex Technology. It trades about 0.07 of its potential returns per unit of risk. Contemporary Amperex Technology is currently generating about 0.05 per unit of risk. If you would invest 353.00 in YLZ Information Tech on November 27, 2024 and sell it today you would earn a total of 32.00 from holding YLZ Information Tech or generate 9.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
YLZ Information Tech vs. Contemporary Amperex Technolog
Performance |
| Timeline |
| YLZ Information Tech |
| Contemporary Amperex |
YLZ Information and Contemporary Amperex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YLZ Information and Contemporary Amperex
The main advantage of trading using opposite YLZ Information and Contemporary Amperex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YLZ Information position performs unexpectedly, Contemporary Amperex 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 Contemporary Amperex will offset losses from the drop in Contemporary Amperex's long position.| YLZ Information vs. Holitech Technology Co | YLZ Information vs. Gome Telecom Equipment | YLZ Information vs. Cultural Investment Holdings | YLZ Information vs. Danhua Chemical Technology |
| Contemporary Amperex vs. Eit Environmental Development | Contemporary Amperex vs. Sinosteel Engineering and | Contemporary Amperex vs. Xiangpiaopiao Food Co | Contemporary Amperex vs. Jiangxi Sunshine Dairy |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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