Correlation Between Trulite and CBAK Energy
Can any of the company-specific risk be diversified away by investing in both Trulite and CBAK Energy at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Trulite and CBAK Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Trulite and CBAK Energy Technology, you can compare the effects of market volatilities on Trulite and CBAK Energy 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 Trulite with a short position of CBAK Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Trulite and CBAK Energy.
Diversification Opportunities for Trulite and CBAK Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Trulite and CBAK is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Trulite and CBAK Energy Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CBAK Energy Technology and Trulite 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 Trulite are associated (or correlated) with CBAK Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CBAK Energy Technology has no effect on the direction of Trulite i.e., Trulite and CBAK Energy go up and down completely randomly.
Pair Corralation between Trulite and CBAK Energy
If you would invest 0.10 in Trulite on November 28, 2024 and sell it today you would earn a total of 0.00 from holding Trulite or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Trulite vs. CBAK Energy Technology
Performance |
| Timeline |
| Trulite |
| CBAK Energy Technology |
Trulite and CBAK Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Trulite and CBAK Energy
The main advantage of trading using opposite Trulite and CBAK Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Trulite position performs unexpectedly, CBAK Energy 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 CBAK Energy will offset losses from the drop in CBAK Energy's long position.| Trulite vs. Pioneer Power Solutions | Trulite vs. CBAK Energy Technology | Trulite vs. Ocean Power Technologies | Trulite vs. Ideal Power |
| CBAK Energy vs. Pioneer Power Solutions | CBAK Energy vs. Ocean Power Technologies | CBAK Energy vs. Ideal Power | CBAK Energy vs. Expion360 |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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