Correlation Between Contemporary Amperex and Xinya Electronic
Specify exactly 2 symbols:
By analyzing existing cross correlation between Contemporary Amperex Technology and Xinya Electronic Co, you can compare the effects of market volatilities on Contemporary Amperex and Xinya Electronic 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 Xinya Electronic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contemporary Amperex and Xinya Electronic.
Diversification Opportunities for Contemporary Amperex and Xinya Electronic
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Contemporary and Xinya is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding Contemporary Amperex Technolog and Xinya Electronic Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Xinya Electronic 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 Xinya Electronic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Xinya Electronic has no effect on the direction of Contemporary Amperex i.e., Contemporary Amperex and Xinya Electronic go up and down completely randomly.
Pair Corralation between Contemporary Amperex and Xinya Electronic
Assuming the 90 days trading horizon Contemporary Amperex Technology is expected to under-perform the Xinya Electronic. But the stock apears to be less risky and, when comparing its historical volatility, Contemporary Amperex Technology is 1.17 times less risky than Xinya Electronic. The stock trades about 0.0 of its potential returns per unit of risk. The Xinya Electronic Co is currently generating about 0.34 of returns per unit of risk over similar time horizon. If you would invest 1,336 in Xinya Electronic Co on September 24, 2024 and sell it today you would earn a total of 214.00 from holding Xinya Electronic Co or generate 16.02% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Strong |
Accuracy | 100.0% |
Values | Daily Returns |
Contemporary Amperex Technolog vs. Xinya Electronic Co
Performance |
Timeline |
Contemporary Amperex |
Xinya Electronic |
Contemporary Amperex and Xinya Electronic Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Contemporary Amperex and Xinya Electronic
The main advantage of trading using opposite Contemporary Amperex and Xinya Electronic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contemporary Amperex position performs unexpectedly, Xinya Electronic 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 Xinya Electronic will offset losses from the drop in Xinya Electronic'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 |
Xinya Electronic vs. Kweichow Moutai Co | Xinya Electronic vs. Contemporary Amperex Technology | Xinya Electronic vs. G bits Network Technology | Xinya Electronic 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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
Other Complementary Tools
Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |