Correlation Between Contemporary Amperex and Allmed Medical
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By analyzing existing cross correlation between Contemporary Amperex Technology and Allmed Medical Products, you can compare the effects of market volatilities on Contemporary Amperex and Allmed 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 Allmed Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Allmed Medical.
Diversification Opportunities for Contemporary Amperex and Allmed Medical
0.91 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Contemporary and Allmed is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Allmed Medical Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allmed Medical Products 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 Allmed Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allmed Medical Products has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Allmed Medical go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Allmed Medical
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 1.09 times more return on investment than Allmed Medical. However, Contemporary Amperex is 1.09 times more volatile than Allmed Medical Products. It trades about 0.08 of its potential returns per unit of risk. Allmed Medical Products is currently generating about 0.0 per unit of risk. If you would invest 16,138 in Contemporary Amperex Technology on September 4, 2024 and sell it today you would earn a total of 10,046 from holding Contemporary Amperex Technology or generate 62.25% 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. Allmed Medical Products
Performance |
| Timeline |
| Contemporary Amperex |
| Allmed Medical Products |
Contemporary Amperex and Allmed Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Allmed Medical
The main advantage of trading using opposite Contemporary Amperex and Allmed Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Allmed 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 Allmed Medical will offset losses from the drop in Allmed Medical'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 |
| Allmed Medical vs. Kweichow Moutai Co | Allmed Medical vs. Contemporary Amperex Technology | Allmed Medical vs. G bits Network Technology | Allmed Medical 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 Transaction History module to view history of all your transactions and understand their impact on performance.
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