Correlation Between Contemporary Amperex and Suzhou UIGreen
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By analyzing existing cross correlation between Contemporary Amperex Technology and Suzhou UIGreen Micro, you can compare the effects of market volatilities on Contemporary Amperex and Suzhou UIGreen 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 Suzhou UIGreen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Suzhou UIGreen.
Diversification Opportunities for Contemporary Amperex and Suzhou UIGreen
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Contemporary and Suzhou is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Suzhou UIGreen Micro in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suzhou UIGreen Micro 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 Suzhou UIGreen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suzhou UIGreen Micro has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Suzhou UIGreen go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Suzhou UIGreen
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 0.57 times more return on investment than Suzhou UIGreen. However, Contemporary Amperex Technology is 1.76 times less risky than Suzhou UIGreen. It trades about 0.1 of its potential returns per unit of risk. Suzhou UIGreen Micro is currently generating about 0.04 per unit of risk. If you would invest 15,226 in Contemporary Amperex Technology on October 22, 2024 and sell it today you would earn a total of 11,326 from holding Contemporary Amperex Technology or generate 74.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.55% |
| Values | Daily Returns |
Contemporary Amperex Technolog vs. Suzhou UIGreen Micro
Performance |
| Timeline |
| Contemporary Amperex |
| Suzhou UIGreen Micro |
Contemporary Amperex and Suzhou UIGreen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Contemporary Amperex and Suzhou UIGreen
The main advantage of trading using opposite Contemporary Amperex and Suzhou UIGreen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Suzhou UIGreen 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 Suzhou UIGreen will offset losses from the drop in Suzhou UIGreen's long position.| Contemporary Amperex vs. Hoshine Silicon Ind | Contemporary Amperex vs. Dhc Software Co | Contemporary Amperex vs. Xinjiang Communications Construction | Contemporary Amperex vs. Iat Automobile Technology |
| Suzhou UIGreen vs. BYD Co Ltd | Suzhou UIGreen vs. China Mobile Limited | Suzhou UIGreen vs. Agricultural Bank of | Suzhou UIGreen vs. Industrial and Commercial |
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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