Correlation Between Contemporary Amperex and Kunwu Jiuding
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By analyzing existing cross correlation between Contemporary Amperex Technology and Kunwu Jiuding Investment, you can compare the effects of market volatilities on Contemporary Amperex and Kunwu Jiuding 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 Kunwu Jiuding. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Kunwu Jiuding.
Diversification Opportunities for Contemporary Amperex and Kunwu Jiuding
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Contemporary and Kunwu is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Kunwu Jiuding Investment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kunwu Jiuding Investment 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 Kunwu Jiuding. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kunwu Jiuding Investment has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Kunwu Jiuding go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Kunwu Jiuding
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 0.79 times more return on investment than Kunwu Jiuding. However, Contemporary Amperex Technology is 1.26 times less risky than Kunwu Jiuding. It trades about 0.09 of its potential returns per unit of risk. Kunwu Jiuding Investment is currently generating about 0.01 per unit of risk. If you would invest 15,625 in Contemporary Amperex Technology on October 7, 2024 and sell it today you would earn a total of 10,138 from holding Contemporary Amperex Technology or generate 64.88% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Contemporary Amperex Technolog vs. Kunwu Jiuding Investment
Performance |
Timeline |
Contemporary Amperex |
Kunwu Jiuding Investment |
Contemporary Amperex and Kunwu Jiuding Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Contemporary Amperex and Kunwu Jiuding
The main advantage of trading using opposite Contemporary Amperex and Kunwu Jiuding positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Kunwu Jiuding 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 Kunwu Jiuding will offset losses from the drop in Kunwu Jiuding's long position.Contemporary Amperex vs. Linewell Software Co | Contemporary Amperex vs. Sinofibers Technology Co | Contemporary Amperex vs. Northking Information Technology | Contemporary Amperex vs. Tongyu Communication |
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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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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