Correlation Between Unisplendour Corp and China Union
Specify exactly 2 symbols:
By analyzing existing cross correlation between Unisplendour Corp and China Union Holdings, you can compare the effects of market volatilities on Unisplendour Corp and China Union 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 Unisplendour Corp with a short position of China Union. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unisplendour Corp and China Union.
Diversification Opportunities for Unisplendour Corp and China Union
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Unisplendour and China is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Unisplendour Corp and China Union Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Union Holdings and Unisplendour Corp 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 Unisplendour Corp are associated (or correlated) with China Union. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Union Holdings has no effect on the direction of Unisplendour Corp i.e., Unisplendour Corp and China Union go up and down completely randomly.
Pair Corralation between Unisplendour Corp and China Union
Assuming the 90 days trading horizon Unisplendour Corp is expected to generate 1.8 times more return on investment than China Union. However, Unisplendour Corp is 1.8 times more volatile than China Union Holdings. It trades about 0.0 of its potential returns per unit of risk. China Union Holdings is currently generating about -0.67 per unit of risk. If you would invest 2,498 in Unisplendour Corp on October 15, 2024 and sell it today you would lose (30.00) from holding Unisplendour Corp or give up 1.2% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unisplendour Corp vs. China Union Holdings
Performance |
| Timeline |
| Unisplendour Corp |
| China Union Holdings |
Unisplendour Corp and China Union Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unisplendour Corp and China Union
The main advantage of trading using opposite Unisplendour Corp and China Union positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unisplendour Corp position performs unexpectedly, China Union 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 China Union will offset losses from the drop in China Union's long position.| Unisplendour Corp vs. Touchstone International Medical | Unisplendour Corp vs. China Asset Management | Unisplendour Corp vs. Allmed Medical Products | Unisplendour Corp vs. Innovative Medical Management |
| China Union vs. Hua Xia Bank | China Union vs. Postal Savings Bank | China Union vs. Unisplendour Corp | China Union vs. Bomesc Offshore Engineering |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |