Correlation Between Unisplendour Corp and Ningbo Jianan
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By analyzing existing cross correlation between Unisplendour Corp and Ningbo Jianan Electronics, you can compare the effects of market volatilities on Unisplendour Corp and Ningbo Jianan 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 Ningbo Jianan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unisplendour Corp and Ningbo Jianan.
Diversification Opportunities for Unisplendour Corp and Ningbo Jianan
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Unisplendour and Ningbo is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Unisplendour Corp and Ningbo Jianan Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jianan Electronics 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 Ningbo Jianan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jianan Electronics has no effect on the direction of Unisplendour Corp i.e., Unisplendour Corp and Ningbo Jianan go up and down completely randomly.
Pair Corralation between Unisplendour Corp and Ningbo Jianan
Assuming the 90 days trading horizon Unisplendour Corp is expected to generate 1.31 times more return on investment than Ningbo Jianan. However, Unisplendour Corp is 1.31 times more volatile than Ningbo Jianan Electronics. It trades about -0.04 of its potential returns per unit of risk. Ningbo Jianan Electronics is currently generating about -0.32 per unit of risk. If you would invest 2,498 in Unisplendour Corp on October 16, 2024 and sell it today you would lose (97.00) from holding Unisplendour Corp or give up 3.88% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unisplendour Corp vs. Ningbo Jianan Electronics
Performance |
| Timeline |
| Unisplendour Corp |
| Ningbo Jianan Electronics |
Unisplendour Corp and Ningbo Jianan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unisplendour Corp and Ningbo Jianan
The main advantage of trading using opposite Unisplendour Corp and Ningbo Jianan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unisplendour Corp position performs unexpectedly, Ningbo Jianan 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 Ningbo Jianan will offset losses from the drop in Ningbo Jianan's long position.| Unisplendour Corp vs. Ye Chiu Metal | Unisplendour Corp vs. Shanghai Yanpu Metal | Unisplendour Corp vs. Eastroc Beverage Group | Unisplendour Corp vs. Beijing HuaYuanYiTong Thermal |
| Ningbo Jianan vs. Kuang Chi Technologies | Ningbo Jianan vs. Lotus Health Group | Ningbo Jianan vs. FSPG Hi Tech Co | Ningbo Jianan vs. Unisplendour Corp |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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