Correlation Between Contemporary Amperex and Hainan Haiqi
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By analyzing existing cross correlation between Contemporary Amperex Technology and Hainan Haiqi Transportation, you can compare the effects of market volatilities on Contemporary Amperex and Hainan Haiqi 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 Hainan Haiqi. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Hainan Haiqi.
Diversification Opportunities for Contemporary Amperex and Hainan Haiqi
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Contemporary and Hainan is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Hainan Haiqi Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hainan Haiqi Transpo 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 Hainan Haiqi. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hainan Haiqi Transpo has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Hainan Haiqi go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Hainan Haiqi
If you would invest 1,707 in Hainan Haiqi Transportation on November 4, 2024 and sell it today you would earn a total of 50.00 from holding Hainan Haiqi Transportation or generate 2.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. Hainan Haiqi Transportation
Performance |
| Timeline |
| Contemporary Amperex |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Weak
| Hainan Haiqi Transpo |
Contemporary Amperex and Hainan Haiqi Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Hainan Haiqi
The main advantage of trading using opposite Contemporary Amperex and Hainan Haiqi positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Hainan Haiqi 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 Hainan Haiqi will offset losses from the drop in Hainan Haiqi's long position.| Contemporary Amperex vs. Shenwu Energy Saving | Contemporary Amperex vs. HeNan Splendor Science | Contemporary Amperex vs. Guosheng Financial Holding | Contemporary Amperex vs. Jiangsu Yueda Investment |
| Hainan Haiqi vs. Hainan Mining Co | Hainan Haiqi vs. Bank of Communications | Hainan Haiqi vs. Hefei Metalforming Mach | Hainan Haiqi vs. Zijin Mining Group |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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