Correlation Between Duzhe Publishing and Contemporary Amperex
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By analyzing existing cross correlation between Duzhe Publishing Media and Contemporary Amperex Technology, you can compare the effects of market volatilities on Duzhe Publishing 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 Duzhe Publishing with a short position of Contemporary Amperex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Duzhe Publishing and Contemporary Amperex.
Diversification Opportunities for Duzhe Publishing and Contemporary Amperex
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Duzhe and Contemporary is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Duzhe Publishing Media and Contemporary Amperex Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contemporary Amperex and Duzhe Publishing 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 Duzhe Publishing Media 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 Duzhe Publishing i.e., Duzhe Publishing and Contemporary Amperex go up and down completely randomly.
Pair Corralation between Duzhe Publishing and Contemporary Amperex
Assuming the 90 days trading horizon Duzhe Publishing Media is expected to generate 1.09 times more return on investment than Contemporary Amperex. However, Duzhe Publishing is 1.09 times more volatile than Contemporary Amperex Technology. It trades about 0.12 of its potential returns per unit of risk. Contemporary Amperex Technology is currently generating about 0.13 per unit of risk. If you would invest 591.00 in Duzhe Publishing Media on September 1, 2024 and sell it today you would earn a total of 39.00 from holding Duzhe Publishing Media or generate 6.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Duzhe Publishing Media vs. Contemporary Amperex Technolog
Performance |
| Timeline |
| Duzhe Publishing Media |
| Contemporary Amperex |
Duzhe Publishing and Contemporary Amperex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Duzhe Publishing and Contemporary Amperex
The main advantage of trading using opposite Duzhe Publishing and Contemporary Amperex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Duzhe Publishing 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.| Duzhe Publishing vs. Cambricon Technologies Corp | Duzhe Publishing vs. Loongson Technology Corp | Duzhe Publishing vs. Shenzhen Fortune Trend | Duzhe Publishing vs. Chongqing Road Bridge |
| 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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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