Correlation Between Contemporary Amperex and China Construction
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By analyzing existing cross correlation between Contemporary Amperex Technology and China Construction Bank, you can compare the effects of market volatilities on Contemporary Amperex and China Construction 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 China Construction. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and China Construction.
Diversification Opportunities for Contemporary Amperex and China Construction
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Contemporary and China is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and China Construction Bank in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Construction 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 China Construction. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Construction Bank has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and China Construction go up and down completely randomly.
Pair Corralation between Contemporary Amperex and China Construction
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to under-perform the China Construction. In addition to that, Contemporary Amperex is 1.47 times more volatile than China Construction Bank. It trades about -0.02 of its total potential returns per unit of risk. China Construction Bank is currently generating about 0.13 per unit of volatility. If you would invest 788.00 in China Construction Bank on October 26, 2024 and sell it today you would earn a total of 56.00 from holding China Construction Bank or generate 7.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. China Construction Bank
Performance |
| Timeline |
| Contemporary Amperex |
| China Construction Bank |
Contemporary Amperex and China Construction Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and China Construction
The main advantage of trading using opposite Contemporary Amperex and China Construction positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, China Construction 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 China Construction will offset losses from the drop in China Construction's long position.| Contemporary Amperex vs. Agricultural Bank of | Contemporary Amperex vs. Industrial Bank Co | Contemporary Amperex vs. Ciwen Media Co | Contemporary Amperex vs. Shanghai Xinhua Media |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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