Correlation Between Contemporary Amperex and Guangzhou Jiacheng
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By analyzing existing cross correlation between Contemporary Amperex Technology and Guangzhou Jiacheng, you can compare the effects of market volatilities on Contemporary Amperex and Guangzhou Jiacheng 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 Guangzhou Jiacheng. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Guangzhou Jiacheng.
Diversification Opportunities for Contemporary Amperex and Guangzhou Jiacheng
-0.17 | Correlation Coefficient |
Good diversification
The 3 months correlation between Contemporary and Guangzhou is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Guangzhou Jiacheng in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guangzhou Jiacheng 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 Guangzhou Jiacheng. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guangzhou Jiacheng has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Guangzhou Jiacheng go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Guangzhou Jiacheng
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 0.85 times more return on investment than Guangzhou Jiacheng. However, Contemporary Amperex Technology is 1.18 times less risky than Guangzhou Jiacheng. It trades about 0.03 of its potential returns per unit of risk. Guangzhou Jiacheng is currently generating about -0.01 per unit of risk. If you would invest 20,538 in Contemporary Amperex Technology on December 5, 2024 and sell it today you would earn a total of 5,762 from holding Contemporary Amperex Technology or generate 28.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. Guangzhou Jiacheng
Performance |
| Timeline |
| Contemporary Amperex |
| Guangzhou Jiacheng |
Contemporary Amperex and Guangzhou Jiacheng Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Guangzhou Jiacheng
The main advantage of trading using opposite Contemporary Amperex and Guangzhou Jiacheng positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Guangzhou Jiacheng 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 Guangzhou Jiacheng will offset losses from the drop in Guangzhou Jiacheng's long position.| Contemporary Amperex vs. Xiamen Insight Investment | ||
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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