Correlation Between Contemporary Amperex and Kunwu Jiuding
Specify exactly 2 symbols:
By analyzing existing cross correlation between Contemporary Amperex Technology and Kunwu Jiuding Investment, you can compare the effects of market volatilities on Contemporary Amperex and Kunwu Jiuding 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 Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Kunwu Jiuding.
Diversification Opportunities for Contemporary Amperex and Kunwu Jiuding
0.92 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Contemporary and Kunwu is 0.92. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment 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 Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Kunwu Jiuding
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 0.72 times more return on investment than Kunwu Jiuding. However, Contemporary Amperex Technology is 1.39 times less risky than Kunwu Jiuding. It trades about 0.08 of its potential returns per unit of risk. Kunwu Jiuding Investment is currently generating about 0.02 per unit of risk. If you would invest 16,054 in Contemporary Amperex Technology on September 2, 2024 and sell it today you would earn a total of 10,070 from holding Contemporary Amperex Technology or generate 62.73% 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. Kunwu Jiuding Investment
Performance |
| Timeline |
| Contemporary Amperex |
| Kunwu Jiuding Investment |
Contemporary Amperex and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Kunwu Jiuding
The main advantage of trading using opposite Contemporary Amperex and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.| Contemporary Amperex vs. Sunwave Communications Co | Contemporary Amperex vs. Yunnan Jianzhijia Health Chain | Contemporary Amperex vs. Fujian Newland Computer | Contemporary Amperex vs. Anhui Huaren Health |
| Kunwu Jiuding vs. Jiangxi Naipu Mining | Kunwu Jiuding vs. Gem Year Industrial Co | Kunwu Jiuding vs. Xinjiang Communications Construction | Kunwu Jiuding vs. Fiberhome Telecommunication Technologies |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Stocks Directory Find actively traded stocks across global markets | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |