Correlation Between Unisplendour Corp and Shenzhen Kexin
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By analyzing existing cross correlation between Unisplendour Corp and Shenzhen Kexin Communication, you can compare the effects of market volatilities on Unisplendour Corp and Shenzhen Kexin 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 Shenzhen Kexin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unisplendour Corp and Shenzhen Kexin.
Diversification Opportunities for Unisplendour Corp and Shenzhen Kexin
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Unisplendour and Shenzhen is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Unisplendour Corp and Shenzhen Kexin Communication in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Kexin Commu 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 Shenzhen Kexin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Kexin Commu has no effect on the direction of Unisplendour Corp i.e., Unisplendour Corp and Shenzhen Kexin go up and down completely randomly.
Pair Corralation between Unisplendour Corp and Shenzhen Kexin
Assuming the 90 days trading horizon Unisplendour Corp is expected to under-perform the Shenzhen Kexin. But the stock apears to be less risky and, when comparing its historical volatility, Unisplendour Corp is 1.04 times less risky than Shenzhen Kexin. The stock trades about -0.19 of its potential returns per unit of risk. The Shenzhen Kexin Communication is currently generating about -0.03 of returns per unit of risk over similar time horizon. If you would invest 1,247 in Shenzhen Kexin Communication on October 30, 2024 and sell it today you would lose (42.00) from holding Shenzhen Kexin Communication or give up 3.37% 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. Shenzhen Kexin Communication
Performance |
| Timeline |
| Unisplendour Corp |
| Shenzhen Kexin Commu |
Unisplendour Corp and Shenzhen Kexin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unisplendour Corp and Shenzhen Kexin
The main advantage of trading using opposite Unisplendour Corp and Shenzhen Kexin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unisplendour Corp position performs unexpectedly, Shenzhen Kexin 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 Shenzhen Kexin will offset losses from the drop in Shenzhen Kexin's long position.| Unisplendour Corp vs. Chengtun Mining Group | Unisplendour Corp vs. Tianjin Silvery Dragon | Unisplendour Corp vs. Hainan Mining Co | Unisplendour Corp vs. Dazhong Transportation Group |
| Shenzhen Kexin vs. Bus Online Co | Shenzhen Kexin vs. Holitech Technology Co | Shenzhen Kexin vs. Gome Telecom Equipment | Shenzhen Kexin vs. Cultural Investment 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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