Correlation Between Contemporary Amperex and Suofeiya Home
Specify exactly 2 symbols:
By analyzing existing cross correlation between Contemporary Amperex Technology and Suofeiya Home Collection, you can compare the effects of market volatilities on Contemporary Amperex and Suofeiya Home 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 Suofeiya Home. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Suofeiya Home.
Diversification Opportunities for Contemporary Amperex and Suofeiya Home
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Contemporary and Suofeiya is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Suofeiya Home Collection in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suofeiya Home Collection 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 Suofeiya Home. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suofeiya Home Collection has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Suofeiya Home go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Suofeiya Home
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 1.03 times more return on investment than Suofeiya Home. However, Contemporary Amperex is 1.03 times more volatile than Suofeiya Home Collection. It trades about 0.07 of its potential returns per unit of risk. Suofeiya Home Collection is currently generating about -0.41 per unit of risk. If you would invest 25,624 in Contemporary Amperex Technology on August 28, 2024 and sell it today you would earn a total of 786.00 from holding Contemporary Amperex Technology or generate 3.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. Suofeiya Home Collection
Performance |
| Timeline |
| Contemporary Amperex |
| Suofeiya Home Collection |
Contemporary Amperex and Suofeiya Home Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Suofeiya Home
The main advantage of trading using opposite Contemporary Amperex and Suofeiya Home positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Suofeiya Home 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 Suofeiya Home will offset losses from the drop in Suofeiya Home's long position.| Contemporary Amperex vs. Malion New Materials | Contemporary Amperex vs. Eastern Communications Co | Contemporary Amperex vs. Guangzhou Tinci Materials | Contemporary Amperex vs. Grinm Advanced Materials |
| Suofeiya Home vs. China Petroleum Chemical | Suofeiya Home vs. PetroChina Co Ltd | Suofeiya Home vs. China State Construction | Suofeiya Home vs. China Railway Group |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities |