Correlation Between Contemporary Amperex and GRG Banking
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By analyzing existing cross correlation between Contemporary Amperex Technology and GRG Banking Equipment, you can compare the effects of market volatilities on Contemporary Amperex and GRG Banking 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 Contemporary Amperex with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and GRG Banking.
Diversification Opportunities for Contemporary Amperex and GRG Banking
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Contemporary and GRG is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment and Contemporary Amperex 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 Contemporary Amperex Technology are associated (or correlated) with GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and GRG Banking go up and down completely randomly.
Pair Corralation between Contemporary Amperex and GRG Banking
Assuming the 90 days trading horizon Contemporary Amperex is expected to generate 1.43 times less return on investment than GRG Banking. In addition to that, Contemporary Amperex is 1.1 times more volatile than GRG Banking Equipment. It trades about 0.03 of its total potential returns per unit of risk. GRG Banking Equipment is currently generating about 0.04 per unit of volatility. If you would invest 948.00 in GRG Banking Equipment on September 4, 2024 and sell it today you would earn a total of 418.00 from holding GRG Banking Equipment or generate 44.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. GRG Banking Equipment
Performance |
| Timeline |
| Contemporary Amperex |
| GRG Banking Equipment |
Contemporary Amperex and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and GRG Banking
The main advantage of trading using opposite Contemporary Amperex and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, GRG Banking 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 GRG Banking will offset losses from the drop in GRG Banking's long position.| Contemporary Amperex vs. Yindu Kitchen Equipment | Contemporary Amperex vs. Luolai Home Textile | Contemporary Amperex vs. Easyhome New Retail | Contemporary Amperex vs. Cangzhou Mingzhu Plastic |
| GRG Banking vs. Kweichow Moutai Co | GRG Banking vs. Contemporary Amperex Technology | GRG Banking vs. G bits Network Technology | GRG Banking vs. Beijing Roborock Technology |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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