Correlation Between Contemporary Amperex and Innovative Medical
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By analyzing existing cross correlation between Contemporary Amperex Technology and Innovative Medical Management, you can compare the effects of market volatilities on Contemporary Amperex and Innovative Medical 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 Innovative Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Innovative Medical.
Diversification Opportunities for Contemporary Amperex and Innovative Medical
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Contemporary and Innovative is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Innovative Medical Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Innovative Medical 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 Innovative Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Innovative Medical has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Innovative Medical go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Innovative Medical
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 0.47 times more return on investment than Innovative Medical. However, Contemporary Amperex Technology is 2.15 times less risky than Innovative Medical. It trades about 0.02 of its potential returns per unit of risk. Innovative Medical Management is currently generating about -0.03 per unit of risk. If you would invest 25,527 in Contemporary Amperex Technology on November 6, 2024 and sell it today you would earn a total of 173.00 from holding Contemporary Amperex Technology or generate 0.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. Innovative Medical Management
Performance |
| Timeline |
| Contemporary Amperex |
| Innovative Medical |
Contemporary Amperex and Innovative Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Innovative Medical
The main advantage of trading using opposite Contemporary Amperex and Innovative Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Innovative Medical 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 Innovative Medical will offset losses from the drop in Innovative Medical's long position.| Contemporary Amperex vs. Chongqing Shunbo Aluminum | Contemporary Amperex vs. Shenzhen Clou Electronics | Contemporary Amperex vs. Tianshan Aluminum Group | Contemporary Amperex vs. Epoxy Base Electronic |
| Innovative Medical vs. Zhengzhou Coal Mining | Innovative Medical vs. BrightGene Bio Medical | Innovative Medical vs. Pengxin International Mining | Innovative Medical vs. Guangdong Transtek Medical |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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