Correlation Between Contemporary Amperex and Qilu Bank
Specify exactly 2 symbols:
By analyzing existing cross correlation between Contemporary Amperex Technology and Qilu Bank Co, you can compare the effects of market volatilities on Contemporary Amperex and Qilu Bank 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 Qilu Bank. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Qilu Bank.
Diversification Opportunities for Contemporary Amperex and Qilu Bank
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Contemporary and Qilu is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Qilu Bank Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Qilu Bank 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 Qilu Bank. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Qilu Bank has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Qilu Bank go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Qilu Bank
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 1.05 times more return on investment than Qilu Bank. However, Contemporary Amperex is 1.05 times more volatile than Qilu Bank Co. It trades about 0.21 of its potential returns per unit of risk. Qilu Bank Co is currently generating about 0.07 per unit of risk. If you would invest 25,700 in Contemporary Amperex Technology on November 27, 2024 and sell it today you would earn a total of 1,450 from holding Contemporary Amperex Technology or generate 5.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. Qilu Bank Co
Performance |
| Timeline |
| Contemporary Amperex |
| Qilu Bank |
Contemporary Amperex and Qilu Bank Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Qilu Bank
The main advantage of trading using opposite Contemporary Amperex and Qilu Bank positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Qilu Bank 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 Qilu Bank will offset losses from the drop in Qilu Bank's long position.| Contemporary Amperex vs. Eit Environmental Development | Contemporary Amperex vs. Sinosteel Engineering and | Contemporary Amperex vs. Xiangpiaopiao Food Co | Contemporary Amperex vs. Jiangxi Sunshine Dairy |
| Qilu Bank vs. YiDong Electronics Technology | Qilu Bank vs. Zhejiang Yongjin Metal | Qilu Bank vs. Uroica Mining Safety | Qilu Bank vs. Jiangxi Copper Co |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Stocks Directory Find actively traded stocks across global markets | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |