Correlation Between Qilu Bank and Contemporary Amperex
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By analyzing existing cross correlation between Qilu Bank Co and Contemporary Amperex Technology, you can compare the effects of market volatilities on Qilu Bank 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 Qilu Bank with a short position of Contemporary Amperex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Qilu Bank and Contemporary Amperex.
Diversification Opportunities for Qilu Bank and Contemporary Amperex
0.84 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Qilu and Contemporary is 0.84. Overlapping area represents the amount of risk that can be diversified away by holding Qilu Bank Co and Contemporary Amperex Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contemporary Amperex and Qilu Bank 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 Qilu Bank Co 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 Qilu Bank i.e., Qilu Bank and Contemporary Amperex go up and down completely randomly.
Pair Corralation between Qilu Bank and Contemporary Amperex
Assuming the 90 days trading horizon Qilu Bank Co is expected to under-perform the Contemporary Amperex. But the stock apears to be less risky and, when comparing its historical volatility, Qilu Bank Co is 1.24 times less risky than Contemporary Amperex. The stock trades about -0.11 of its potential returns per unit of risk. The Contemporary Amperex Technology is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 24,598 in Contemporary Amperex Technology on September 1, 2024 and sell it today you would earn a total of 1,526 from holding Contemporary Amperex Technology or generate 6.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Qilu Bank Co vs. Contemporary Amperex Technolog
Performance |
| Timeline |
| Qilu Bank |
| Contemporary Amperex |
Qilu Bank and Contemporary Amperex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Qilu Bank and Contemporary Amperex
The main advantage of trading using opposite Qilu Bank and Contemporary Amperex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Qilu Bank 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.| Qilu Bank vs. Anji Foodstuff Co | Qilu Bank vs. Duzhe Publishing Media | Qilu Bank vs. Southern PublishingMedia Co | Qilu Bank vs. Guilin Seamild Foods |
| Contemporary Amperex vs. Cultural Investment Holdings | Contemporary Amperex vs. Gome Telecom Equipment | Contemporary Amperex vs. Bus Online Co | Contemporary Amperex vs. Holitech Technology Co |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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