Correlation Between Contemporary Amperex and Jangho Group
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By analyzing existing cross correlation between Contemporary Amperex Technology and Jangho Group Co, you can compare the effects of market volatilities on Contemporary Amperex and Jangho Group 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 Jangho Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Jangho Group.
Diversification Opportunities for Contemporary Amperex and Jangho Group
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Contemporary and Jangho is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Jangho Group Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jangho Group 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 Jangho Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jangho Group has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Jangho Group go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Jangho Group
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 1.49 times more return on investment than Jangho Group. However, Contemporary Amperex is 1.49 times more volatile than Jangho Group Co. It trades about 0.07 of its potential returns per unit of risk. Jangho Group Co is currently generating about 0.0 per unit of risk. If you would invest 20,698 in Contemporary Amperex Technology on September 3, 2024 and sell it today you would earn a total of 5,426 from holding Contemporary Amperex Technology or generate 26.22% 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. Jangho Group Co
Performance |
| Timeline |
| Contemporary Amperex |
| Jangho Group |
Contemporary Amperex and Jangho Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Jangho Group
The main advantage of trading using opposite Contemporary Amperex and Jangho Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Jangho Group 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 Jangho Group will offset losses from the drop in Jangho Group's long position.| Contemporary Amperex vs. Shenzhen Topway Video | Contemporary Amperex vs. Tianshui Huatian Technology | Contemporary Amperex vs. Jinhe Biotechnology Co | Contemporary Amperex vs. Shuhua Sports Co |
| Jangho Group vs. BTG Hotels Group | Jangho Group vs. Tsingtao Brewery Co | Jangho Group vs. Jonjee Hi tech Industrial | Jangho Group vs. Juneyao Airlines |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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