Correlation Between Contemporary Amperex and Jiangsu Bioperfectus
Specify exactly 2 symbols:
By analyzing existing cross correlation between Contemporary Amperex Technology and Jiangsu Bioperfectus Technologies, you can compare the effects of market volatilities on Contemporary Amperex and Jiangsu Bioperfectus 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 Jiangsu Bioperfectus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Jiangsu Bioperfectus.
Diversification Opportunities for Contemporary Amperex and Jiangsu Bioperfectus
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Contemporary and Jiangsu is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Jiangsu Bioperfectus Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Jiangsu Bioperfectus 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 Jiangsu Bioperfectus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Jiangsu Bioperfectus has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Jiangsu Bioperfectus go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Jiangsu Bioperfectus
Assuming the 90 days trading horizon Contemporary Amperex is expected to generate 1.22 times less return on investment than Jiangsu Bioperfectus. But when comparing it to its historical volatility, Contemporary Amperex Technology is 1.08 times less risky than Jiangsu Bioperfectus. It trades about 0.15 of its potential returns per unit of risk. Jiangsu Bioperfectus Technologies is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest 7,468 in Jiangsu Bioperfectus Technologies on August 24, 2024 and sell it today you would earn a total of 700.00 from holding Jiangsu Bioperfectus Technologies or generate 9.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. Jiangsu Bioperfectus Technolog
Performance |
| Timeline |
| Contemporary Amperex |
| Jiangsu Bioperfectus |
Contemporary Amperex and Jiangsu Bioperfectus Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Jiangsu Bioperfectus
The main advantage of trading using opposite Contemporary Amperex and Jiangsu Bioperfectus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Jiangsu Bioperfectus 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 Jiangsu Bioperfectus will offset losses from the drop in Jiangsu Bioperfectus' long position.| Contemporary Amperex vs. Shanghai Rongtai Health | Contemporary Amperex vs. Tongyu Communication | Contemporary Amperex vs. Guangzhou Haige Communications | Contemporary Amperex vs. Lotus Health Group |
| Jiangsu Bioperfectus vs. Industrial and Commercial | Jiangsu Bioperfectus vs. China Construction Bank | Jiangsu Bioperfectus vs. Bank of China | Jiangsu Bioperfectus vs. Agricultural Bank 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |