Correlation Between Beijing Kingsoft and Contemporary Amperex
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By analyzing existing cross correlation between Beijing Kingsoft Office and Contemporary Amperex Technology, you can compare the effects of market volatilities on Beijing Kingsoft 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 Beijing Kingsoft with a short position of Contemporary Amperex. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beijing Kingsoft and Contemporary Amperex.
Diversification Opportunities for Beijing Kingsoft and Contemporary Amperex
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beijing and Contemporary is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Beijing Kingsoft Office and Contemporary Amperex Technolog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Contemporary Amperex and Beijing Kingsoft 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 Beijing Kingsoft Office 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 Beijing Kingsoft i.e., Beijing Kingsoft and Contemporary Amperex go up and down completely randomly.
Pair Corralation between Beijing Kingsoft and Contemporary Amperex
Assuming the 90 days trading horizon Beijing Kingsoft Office is expected to under-perform the Contemporary Amperex. In addition to that, Beijing Kingsoft is 1.19 times more volatile than Contemporary Amperex Technology. It trades about -0.18 of its total potential returns per unit of risk. Contemporary Amperex Technology is currently generating about 0.16 per unit of volatility. If you would invest 25,212 in Contemporary Amperex Technology on December 1, 2024 and sell it today you would earn a total of 1,218 from holding Contemporary Amperex Technology or generate 4.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beijing Kingsoft Office vs. Contemporary Amperex Technolog
Performance |
| Timeline |
| Beijing Kingsoft Office |
| Contemporary Amperex |
Beijing Kingsoft and Contemporary Amperex Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beijing Kingsoft and Contemporary Amperex
The main advantage of trading using opposite Beijing Kingsoft and Contemporary Amperex positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beijing Kingsoft 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.| Beijing Kingsoft vs. Winner Medical Co | Beijing Kingsoft vs. Ningxia Younglight Chemicals | Beijing Kingsoft vs. Xian International Medical | Beijing Kingsoft vs. Innovative Medical Management |
| Contemporary Amperex vs. Zhengzhou Coal Mining | Contemporary Amperex vs. Huaibei Mining Holdings | Contemporary Amperex vs. Xiamen Insight Investment | Contemporary Amperex vs. Western Mining 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 CEOs Directory module to screen CEOs from public companies around the world.
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