Correlation Between Contemporary Amperex and GKHT Medical
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By analyzing existing cross correlation between Contemporary Amperex Technology and GKHT Medical Technology, you can compare the effects of market volatilities on Contemporary Amperex and GKHT 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 GKHT Medical. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and GKHT Medical.
Diversification Opportunities for Contemporary Amperex and GKHT Medical
0.97 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Contemporary and GKHT is 0.97. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and GKHT Medical Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GKHT Medical Technology 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 GKHT Medical. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GKHT Medical Technology has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and GKHT Medical go up and down completely randomly.
Pair Corralation between Contemporary Amperex and GKHT Medical
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 0.67 times more return on investment than GKHT Medical. However, Contemporary Amperex Technology is 1.5 times less risky than GKHT Medical. It trades about 0.03 of its potential returns per unit of risk. GKHT Medical Technology is currently generating about -0.04 per unit of risk. If you would invest 21,353 in Contemporary Amperex Technology on September 13, 2024 and sell it today you would earn a total of 5,357 from holding Contemporary Amperex Technology or generate 25.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 72.48% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. GKHT Medical Technology
Performance |
| Timeline |
| Contemporary Amperex |
| GKHT Medical Technology |
Contemporary Amperex and GKHT Medical Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and GKHT Medical
The main advantage of trading using opposite Contemporary Amperex and GKHT Medical positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, GKHT 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 GKHT Medical will offset losses from the drop in GKHT Medical's long position.| Contemporary Amperex vs. Hubei Dinglong Chemical | Contemporary Amperex vs. Sino Platinum Metals Co | Contemporary Amperex vs. Hainan Mining Co | Contemporary Amperex vs. Xinjiang Baodi Mining |
| GKHT Medical vs. Industrial and Commercial | GKHT Medical vs. Kweichow Moutai Co | GKHT Medical vs. Agricultural Bank of | GKHT Medical vs. China Mobile Limited |
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 Stocks Directory module to find actively traded stocks across global markets.
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