Correlation Between Unisplendour Corp and Haima Automobile
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By analyzing existing cross correlation between Unisplendour Corp and Haima Automobile Group, you can compare the effects of market volatilities on Unisplendour Corp and Haima Automobile 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 Haima Automobile. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unisplendour Corp and Haima Automobile.
Diversification Opportunities for Unisplendour Corp and Haima Automobile
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Unisplendour and Haima is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Unisplendour Corp and Haima Automobile Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haima Automobile 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 Haima Automobile. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haima Automobile has no effect on the direction of Unisplendour Corp i.e., Unisplendour Corp and Haima Automobile go up and down completely randomly.
Pair Corralation between Unisplendour Corp and Haima Automobile
Assuming the 90 days trading horizon Unisplendour Corp is expected to generate 0.81 times more return on investment than Haima Automobile. However, Unisplendour Corp is 1.24 times less risky than Haima Automobile. It trades about 0.07 of its potential returns per unit of risk. Haima Automobile Group is currently generating about 0.02 per unit of risk. If you would invest 1,647 in Unisplendour Corp on October 18, 2024 and sell it today you would earn a total of 873.00 from holding Unisplendour Corp or generate 53.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.58% |
| Values | Daily Returns |
Unisplendour Corp vs. Haima Automobile Group
Performance |
| Timeline |
| Unisplendour Corp |
| Haima Automobile |
Unisplendour Corp and Haima Automobile Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unisplendour Corp and Haima Automobile
The main advantage of trading using opposite Unisplendour Corp and Haima Automobile positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unisplendour Corp position performs unexpectedly, Haima Automobile 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 Haima Automobile will offset losses from the drop in Haima Automobile's long position.| Unisplendour Corp vs. Guangxi Wuzhou Communications | Unisplendour Corp vs. State Grid InformationCommunication | Unisplendour Corp vs. ZYF Lopsking Aluminum | Unisplendour Corp vs. Peoples Insurance of |
| Haima Automobile vs. Duzhe Publishing Media | Haima Automobile vs. China Building Material | Haima Automobile vs. Orinko Advanced Plastics | Haima Automobile vs. Shanghai Action Education |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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