Correlation Between Contemporary Amperex and Juewei Food
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By analyzing existing cross correlation between Contemporary Amperex Technology and Juewei Food Co, you can compare the effects of market volatilities on Contemporary Amperex and Juewei Food 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 Juewei Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Juewei Food.
Diversification Opportunities for Contemporary Amperex and Juewei Food
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Contemporary and Juewei is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Juewei Food Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Juewei Food 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 Juewei Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Juewei Food has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Juewei Food go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Juewei Food
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 0.84 times more return on investment than Juewei Food. However, Contemporary Amperex Technology is 1.19 times less risky than Juewei Food. It trades about -0.03 of its potential returns per unit of risk. Juewei Food Co is currently generating about -0.26 per unit of risk. If you would invest 26,531 in Contemporary Amperex Technology on October 29, 2024 and sell it today you would lose (469.00) from holding Contemporary Amperex Technology or give up 1.77% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. Juewei Food Co
Performance |
| Timeline |
| Contemporary Amperex |
| Juewei Food |
Contemporary Amperex and Juewei Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Juewei Food
The main advantage of trading using opposite Contemporary Amperex and Juewei Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Juewei Food 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 Juewei Food will offset losses from the drop in Juewei Food's long position.| Contemporary Amperex vs. Mango Excellent Media | Contemporary Amperex vs. Olympic Circuit Technology | Contemporary Amperex vs. ROPEOK Technology Group | Contemporary Amperex vs. Tianjin Ruixin Technology |
| Juewei Food vs. Semiconductor Manufacturing Intl | Juewei Food vs. Citic Guoan Wine | Juewei Food vs. Jiangsu Jinling Sports | Juewei Food vs. Giantec Semiconductor Corp |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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