Correlation Between Shimmick Common and CBAK Energy
Can any of the company-specific risk be diversified away by investing in both Shimmick Common 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 Shimmick Common and CBAK Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shimmick Common and CBAK Energy Technology, you can compare the effects of market volatilities on Shimmick Common 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 Shimmick Common with a short position of CBAK Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shimmick Common and CBAK Energy.
Diversification Opportunities for Shimmick Common and CBAK Energy
-0.22 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Shimmick and CBAK is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Shimmick Common 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 Shimmick Common 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 Shimmick Common 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 Shimmick Common i.e., Shimmick Common and CBAK Energy go up and down completely randomly.
Pair Corralation between Shimmick Common and CBAK Energy
Given the investment horizon of 90 days Shimmick Common is expected to generate 1.28 times more return on investment than CBAK Energy. However, Shimmick Common is 1.28 times more volatile than CBAK Energy Technology. It trades about 0.09 of its potential returns per unit of risk. CBAK Energy Technology is currently generating about -0.02 per unit of risk. If you would invest 270.00 in Shimmick Common on October 7, 2025 and sell it today you would earn a total of 58.00 from holding Shimmick Common or generate 21.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shimmick Common vs. CBAK Energy Technology
Performance |
| Timeline |
| Shimmick Common |
| CBAK Energy Technology |
Shimmick Common and CBAK Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shimmick Common and CBAK Energy
The main advantage of trading using opposite Shimmick Common and CBAK Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shimmick Common 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.| Shimmick Common vs. Innovate Corp | Shimmick Common vs. Julong Holding Limited | Shimmick Common vs. Team Inc | Shimmick Common vs. RYTHM Inc |
| CBAK Energy vs. Ocean Power Technologies | CBAK Energy vs. RF Industries | CBAK Energy vs. Chardan NexTech Acquisition | CBAK Energy vs. SU Group Holdings |
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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