Correlation Between Unisplendour Corp and Fujian Newland
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By analyzing existing cross correlation between Unisplendour Corp and Fujian Newland Computer, you can compare the effects of market volatilities on Unisplendour Corp and Fujian Newland 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 Fujian Newland. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unisplendour Corp and Fujian Newland.
Diversification Opportunities for Unisplendour Corp and Fujian Newland
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Unisplendour and Fujian is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Unisplendour Corp and Fujian Newland Computer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fujian Newland Computer 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 Fujian Newland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fujian Newland Computer has no effect on the direction of Unisplendour Corp i.e., Unisplendour Corp and Fujian Newland go up and down completely randomly.
Pair Corralation between Unisplendour Corp and Fujian Newland
Assuming the 90 days trading horizon Unisplendour Corp is expected to generate 1.35 times more return on investment than Fujian Newland. However, Unisplendour Corp is 1.35 times more volatile than Fujian Newland Computer. It trades about -0.02 of its potential returns per unit of risk. Fujian Newland Computer is currently generating about -0.27 per unit of risk. If you would invest 2,526 in Unisplendour Corp on October 13, 2024 and sell it today you would lose (58.00) from holding Unisplendour Corp or give up 2.3% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unisplendour Corp vs. Fujian Newland Computer
Performance |
| Timeline |
| Unisplendour Corp |
| Fujian Newland Computer |
Unisplendour Corp and Fujian Newland Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unisplendour Corp and Fujian Newland
The main advantage of trading using opposite Unisplendour Corp and Fujian Newland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unisplendour Corp position performs unexpectedly, Fujian Newland 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 Fujian Newland will offset losses from the drop in Fujian Newland's long position.| Unisplendour Corp vs. Yili Chuanning Biotechnology | Unisplendour Corp vs. Maccura Biotechnology Co | Unisplendour Corp vs. Changchun BCHT Biotechnology | Unisplendour Corp vs. Chinese Universe Publishing |
| Fujian Newland vs. Unisplendour Corp | Fujian Newland vs. Huaxia Fund Management | Fujian Newland vs. Hua Xia Bank | Fujian Newland vs. Jiangsu Financial Leasing |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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