Correlation Between JuneYao Dairy and Contemporary Amperex
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By analyzing existing cross correlation between JuneYao Dairy Co and Contemporary Amperex Technology, you can compare the effects of market volatilities on JuneYao Dairy 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 JuneYao Dairy with a short position of Contemporary Amperex. Check out your portfolio center. Please also check ongoing floating volatility patterns of JuneYao Dairy and Contemporary Amperex.
Diversification Opportunities for JuneYao Dairy and Contemporary Amperex
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between JuneYao and Contemporary is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding JuneYao Dairy 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 JuneYao Dairy 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 JuneYao Dairy 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 JuneYao Dairy i.e., JuneYao Dairy and Contemporary Amperex go up and down completely randomly.
Pair Corralation between JuneYao Dairy and Contemporary Amperex
Assuming the 90 days trading horizon JuneYao Dairy Co is expected to under-perform the Contemporary Amperex. In addition to that, JuneYao Dairy is 1.13 times more volatile than Contemporary Amperex Technology. It trades about -0.05 of its total potential returns per unit of risk. Contemporary Amperex Technology is currently generating about 0.01 per unit of volatility. If you would invest 25,220 in Contemporary Amperex Technology on October 13, 2024 and sell it today you would lose (620.00) from holding Contemporary Amperex Technology or give up 2.46% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
JuneYao Dairy Co vs. Contemporary Amperex Technolog
Performance |
| Timeline |
| JuneYao Dairy |
| Contemporary Amperex |
JuneYao Dairy and Contemporary Amperex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JuneYao Dairy and Contemporary Amperex
The main advantage of trading using opposite JuneYao Dairy and Contemporary Amperex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JuneYao Dairy 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.| JuneYao Dairy vs. Jiujiang Shanshui Technology | JuneYao Dairy vs. Hainan Mining Co | JuneYao Dairy vs. Eyebright Medical Technology | JuneYao Dairy vs. Uroica Mining Safety |
| Contemporary Amperex vs. Namchow Food Group | Contemporary Amperex vs. Eastroc Beverage Group | Contemporary Amperex vs. Qingdao Foods Co | Contemporary Amperex vs. JuneYao Dairy 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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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