Correlation Between Contemporary Amperex and Sieyuan Electric
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By analyzing existing cross correlation between Contemporary Amperex Technology and Sieyuan Electric Co, you can compare the effects of market volatilities on Contemporary Amperex and Sieyuan Electric 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 Contemporary Amperex with a short position of Sieyuan Electric. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Sieyuan Electric.
Diversification Opportunities for Contemporary Amperex and Sieyuan Electric
0.73 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Contemporary and Sieyuan is 0.73. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Sieyuan Electric Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sieyuan Electric and Contemporary Amperex 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 Contemporary Amperex Technology are associated (or correlated) with Sieyuan Electric. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sieyuan Electric has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Sieyuan Electric go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Sieyuan Electric
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 1.05 times more return on investment than Sieyuan Electric. However, Contemporary Amperex is 1.05 times more volatile than Sieyuan Electric Co. It trades about 0.0 of its potential returns per unit of risk. Sieyuan Electric Co is currently generating about -0.18 per unit of risk. If you would invest 26,410 in Contemporary Amperex Technology on September 24, 2024 and sell it today you would lose (139.00) from holding Contemporary Amperex Technology or give up 0.53% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Contemporary Amperex Technolog vs. Sieyuan Electric Co
Performance |
Timeline |
Contemporary Amperex |
Sieyuan Electric |
Contemporary Amperex and Sieyuan Electric Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Contemporary Amperex and Sieyuan Electric
The main advantage of trading using opposite Contemporary Amperex and Sieyuan Electric positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Sieyuan Electric 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 Sieyuan Electric will offset losses from the drop in Sieyuan Electric's long position.Contemporary Amperex vs. Kweichow Moutai Co | Contemporary Amperex vs. G bits Network Technology | Contemporary Amperex vs. BYD Co Ltd | Contemporary Amperex vs. Beijing Roborock Technology |
Sieyuan Electric vs. Kweichow Moutai Co | Sieyuan Electric vs. Contemporary Amperex Technology | Sieyuan Electric vs. G bits Network Technology | Sieyuan Electric vs. BYD Co Ltd |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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