Correlation Between Contemporary Amperex and Yindu Kitchen
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By analyzing existing cross correlation between Contemporary Amperex Technology and Yindu Kitchen Equipment, you can compare the effects of market volatilities on Contemporary Amperex and Yindu Kitchen 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 Yindu Kitchen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Yindu Kitchen.
Diversification Opportunities for Contemporary Amperex and Yindu Kitchen
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Contemporary and Yindu is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Yindu Kitchen Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Yindu Kitchen Equipment 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 Yindu Kitchen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Yindu Kitchen Equipment has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Yindu Kitchen go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Yindu Kitchen
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 1.48 times more return on investment than Yindu Kitchen. However, Contemporary Amperex is 1.48 times more volatile than Yindu Kitchen Equipment. It trades about 0.09 of its potential returns per unit of risk. Yindu Kitchen Equipment is currently generating about -0.03 per unit of risk. If you would invest 25,120 in Contemporary Amperex Technology on September 4, 2024 and sell it today you would earn a total of 1,099 from holding Contemporary Amperex Technology or generate 4.38% 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. Yindu Kitchen Equipment
Performance |
| Timeline |
| Contemporary Amperex |
| Yindu Kitchen Equipment |
Contemporary Amperex and Yindu Kitchen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Yindu Kitchen
The main advantage of trading using opposite Contemporary Amperex and Yindu Kitchen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Yindu Kitchen 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 Yindu Kitchen will offset losses from the drop in Yindu Kitchen's long position.| Contemporary Amperex vs. Yindu Kitchen Equipment | Contemporary Amperex vs. Luolai Home Textile | Contemporary Amperex vs. Easyhome New Retail | Contemporary Amperex vs. Cangzhou Mingzhu Plastic |
| Yindu Kitchen vs. Chengdu Kanghua Biological | Yindu Kitchen vs. Beijing Wantai Biological | Yindu Kitchen vs. Suzhou Novoprotein Scientific | Yindu Kitchen vs. Aluminum Corp of |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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