Correlation Between Contemporary Amperex and Everjoy Health
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By analyzing existing cross correlation between Contemporary Amperex Technology and Everjoy Health Group, you can compare the effects of market volatilities on Contemporary Amperex and Everjoy Health 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 Everjoy Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Everjoy Health.
Diversification Opportunities for Contemporary Amperex and Everjoy Health
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Contemporary and Everjoy is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Everjoy Health Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everjoy Health Group 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 Everjoy Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everjoy Health Group has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Everjoy Health go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Everjoy Health
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to generate 1.1 times more return on investment than Everjoy Health. However, Contemporary Amperex is 1.1 times more volatile than Everjoy Health Group. It trades about 0.12 of its potential returns per unit of risk. Everjoy Health Group is currently generating about 0.1 per unit of risk. If you would invest 20,310 in Contemporary Amperex Technology on September 25, 2024 and sell it today you would earn a total of 6,040 from holding Contemporary Amperex Technology or generate 29.74% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Contemporary Amperex Technolog vs. Everjoy Health Group
Performance |
Timeline |
Contemporary Amperex |
Everjoy Health Group |
Contemporary Amperex and Everjoy Health Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Contemporary Amperex and Everjoy Health
The main advantage of trading using opposite Contemporary Amperex and Everjoy Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Everjoy Health 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 Everjoy Health will offset losses from the drop in Everjoy Health's long position.Contemporary Amperex vs. Xizi Clean Energy | Contemporary Amperex vs. Threes Company Media | Contemporary Amperex vs. Tonghua Grape Wine | Contemporary Amperex vs. Sportsoul Co Ltd |
Everjoy Health vs. Kweichow Moutai Co | Everjoy Health vs. Contemporary Amperex Technology | Everjoy Health vs. G bits Network Technology | Everjoy Health 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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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