Correlation Between Jinsanjiang Silicon and Contemporary Amperex
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By analyzing existing cross correlation between Jinsanjiang Silicon Material and Contemporary Amperex Technology, you can compare the effects of market volatilities on Jinsanjiang Silicon and Contemporary Amperex 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 Jinsanjiang Silicon with a short position of Contemporary Amperex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jinsanjiang Silicon and Contemporary Amperex.
Diversification Opportunities for Jinsanjiang Silicon and Contemporary Amperex
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Jinsanjiang and Contemporary is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Jinsanjiang Silicon Material and Contemporary Amperex Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contemporary Amperex and Jinsanjiang Silicon 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 Jinsanjiang Silicon Material are associated (or correlated) with Contemporary Amperex. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Contemporary Amperex has no effect on the direction of Jinsanjiang Silicon i.e., Jinsanjiang Silicon and Contemporary Amperex go up and down completely randomly.
Pair Corralation between Jinsanjiang Silicon and Contemporary Amperex
Assuming the 90 days trading horizon Jinsanjiang Silicon Material is expected to under-perform the Contemporary Amperex. In addition to that, Jinsanjiang Silicon is 1.19 times more volatile than Contemporary Amperex Technology. It trades about -0.06 of its total potential returns per unit of risk. Contemporary Amperex Technology is currently generating about 0.06 per unit of volatility. If you would invest 24,803 in Contemporary Amperex Technology on August 31, 2024 and sell it today you would earn a total of 667.00 from holding Contemporary Amperex Technology or generate 2.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jinsanjiang Silicon Material vs. Contemporary Amperex Technolog
Performance |
| Timeline |
| Jinsanjiang Silicon |
| Contemporary Amperex |
Jinsanjiang Silicon and Contemporary Amperex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jinsanjiang Silicon and Contemporary Amperex
The main advantage of trading using opposite Jinsanjiang Silicon and Contemporary Amperex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jinsanjiang Silicon position performs unexpectedly, Contemporary Amperex 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 Contemporary Amperex will offset losses from the drop in Contemporary Amperex's long position.| Jinsanjiang Silicon vs. Zijin Mining Group | Jinsanjiang Silicon vs. Baoshan Iron Steel | Jinsanjiang Silicon vs. Rongsheng Petrochemical Co | Jinsanjiang Silicon vs. Hoshine Silicon Ind |
| Contemporary Amperex vs. Easyhome New Retail | Contemporary Amperex vs. Orinko Advanced Plastics | Contemporary Amperex vs. Malion New Materials | Contemporary Amperex vs. Jinsanjiang Silicon Material |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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