Correlation Between Unisplendour Corp and YiDong Electronics
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By analyzing existing cross correlation between Unisplendour Corp and YiDong Electronics Technology, you can compare the effects of market volatilities on Unisplendour Corp and YiDong Electronics 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 YiDong Electronics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unisplendour Corp and YiDong Electronics.
Diversification Opportunities for Unisplendour Corp and YiDong Electronics
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Unisplendour and YiDong is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Unisplendour Corp and YiDong Electronics Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YiDong 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 YiDong Electronics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YiDong Electronics has no effect on the direction of Unisplendour Corp i.e., Unisplendour Corp and YiDong Electronics go up and down completely randomly.
Pair Corralation between Unisplendour Corp and YiDong Electronics
Assuming the 90 days trading horizon Unisplendour Corp is expected to generate 5.27 times less return on investment than YiDong Electronics. But when comparing it to its historical volatility, Unisplendour Corp is 1.31 times less risky than YiDong Electronics. It trades about 0.02 of its potential returns per unit of risk. YiDong Electronics Technology is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 2,057 in YiDong Electronics Technology on October 14, 2024 and sell it today you would earn a total of 136.00 from holding YiDong Electronics Technology or generate 6.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unisplendour Corp vs. YiDong Electronics Technology
Performance |
| Timeline |
| Unisplendour Corp |
| YiDong Electronics |
Unisplendour Corp and YiDong Electronics Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unisplendour Corp and YiDong Electronics
The main advantage of trading using opposite Unisplendour Corp and YiDong Electronics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unisplendour Corp position performs unexpectedly, YiDong Electronics 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 YiDong Electronics will offset losses from the drop in YiDong Electronics' 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 |
| YiDong Electronics vs. GuoChuang Software Co | YiDong Electronics vs. Zhongshan Public Utilities | YiDong Electronics vs. Unisplendour Corp | YiDong Electronics vs. Xiamen Bank Co |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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