Correlation Between Contemporary Amperex and New Hope
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By analyzing existing cross correlation between Contemporary Amperex Technology and New Hope Dairy, you can compare the effects of market volatilities on Contemporary Amperex and New Hope 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 New Hope. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and New Hope.
Diversification Opportunities for Contemporary Amperex and New Hope
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Contemporary and New is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and New Hope Dairy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on New Hope Dairy 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 New Hope. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of New Hope Dairy has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and New Hope go up and down completely randomly.
Pair Corralation between Contemporary Amperex and New Hope
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to under-perform the New Hope. But the stock apears to be less risky and, when comparing its historical volatility, Contemporary Amperex Technology is 1.6 times less risky than New Hope. The stock trades about -0.02 of its potential returns per unit of risk. The New Hope Dairy is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 1,240 in New Hope Dairy on October 26, 2024 and sell it today you would earn a total of 250.00 from holding New Hope Dairy or generate 20.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. New Hope Dairy
Performance |
| Timeline |
| Contemporary Amperex |
| New Hope Dairy |
Contemporary Amperex and New Hope Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and New Hope
The main advantage of trading using opposite Contemporary Amperex and New Hope positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, New Hope 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 New Hope will offset losses from the drop in New Hope's long position.| Contemporary Amperex vs. Agricultural Bank of | Contemporary Amperex vs. Industrial Bank Co | Contemporary Amperex vs. Ciwen Media Co | Contemporary Amperex vs. Shanghai Xinhua Media |
| New Hope vs. Kweichow Moutai Co | New Hope vs. Contemporary Amperex Technology | New Hope vs. G bits Network Technology | New Hope 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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