Correlation Between Contemporary Amperex and Anji Foodstuff
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By analyzing existing cross correlation between Contemporary Amperex Technology and Anji Foodstuff Co, you can compare the effects of market volatilities on Contemporary Amperex and Anji Foodstuff 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 Anji Foodstuff. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Anji Foodstuff.
Diversification Opportunities for Contemporary Amperex and Anji Foodstuff
0.42 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Contemporary and Anji is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Anji Foodstuff Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Anji Foodstuff 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 Anji Foodstuff. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Anji Foodstuff has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Anji Foodstuff go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Anji Foodstuff
Assuming the 90 days trading horizon Contemporary Amperex is expected to generate 6.87 times less return on investment than Anji Foodstuff. In addition to that, Contemporary Amperex is 1.11 times more volatile than Anji Foodstuff Co. It trades about 0.03 of its total potential returns per unit of risk. Anji Foodstuff Co is currently generating about 0.2 per unit of volatility. If you would invest 760.00 in Anji Foodstuff Co on November 6, 2024 and sell it today you would earn a total of 48.00 from holding Anji Foodstuff Co or generate 6.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. Anji Foodstuff Co
Performance |
| Timeline |
| Contemporary Amperex |
| Anji Foodstuff |
Contemporary Amperex and Anji Foodstuff Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Anji Foodstuff
The main advantage of trading using opposite Contemporary Amperex and Anji Foodstuff positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Anji Foodstuff 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 Anji Foodstuff will offset losses from the drop in Anji Foodstuff's long position.| Contemporary Amperex vs. Chongqing Shunbo Aluminum | Contemporary Amperex vs. Shenzhen Clou Electronics | Contemporary Amperex vs. Tianshan Aluminum Group | Contemporary Amperex vs. Epoxy Base Electronic |
| Anji Foodstuff vs. Tonghua Grape Wine | Anji Foodstuff vs. Youyou Foods Co | Anji Foodstuff vs. Xiangpiaopiao Food Co | Anji Foodstuff vs. Anhui Gujing Distillery |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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