Correlation Between Unisplendour Corp and Shanghai Sanyou
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By analyzing existing cross correlation between Unisplendour Corp and Shanghai Sanyou Medical, you can compare the effects of market volatilities on Unisplendour Corp and Shanghai Sanyou 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 Shanghai Sanyou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unisplendour Corp and Shanghai Sanyou.
Diversification Opportunities for Unisplendour Corp and Shanghai Sanyou
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Unisplendour and Shanghai is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Unisplendour Corp and Shanghai Sanyou Medical in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shanghai Sanyou Medical 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 Shanghai Sanyou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shanghai Sanyou Medical has no effect on the direction of Unisplendour Corp i.e., Unisplendour Corp and Shanghai Sanyou go up and down completely randomly.
Pair Corralation between Unisplendour Corp and Shanghai Sanyou
Assuming the 90 days trading horizon Unisplendour Corp is expected to under-perform the Shanghai Sanyou. But the stock apears to be less risky and, when comparing its historical volatility, Unisplendour Corp is 1.11 times less risky than Shanghai Sanyou. The stock trades about -0.28 of its potential returns per unit of risk. The Shanghai Sanyou Medical is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 2,208 in Shanghai Sanyou Medical on September 14, 2024 and sell it today you would earn a total of 68.00 from holding Shanghai Sanyou Medical or generate 3.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unisplendour Corp vs. Shanghai Sanyou Medical
Performance |
| Timeline |
| Unisplendour Corp |
| Shanghai Sanyou Medical |
Unisplendour Corp and Shanghai Sanyou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unisplendour Corp and Shanghai Sanyou
The main advantage of trading using opposite Unisplendour Corp and Shanghai Sanyou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unisplendour Corp position performs unexpectedly, Shanghai Sanyou 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 Shanghai Sanyou will offset losses from the drop in Shanghai Sanyou's long position.| Unisplendour Corp vs. Biwin Storage Technology | Unisplendour Corp vs. PetroChina Co Ltd | Unisplendour Corp vs. Industrial and Commercial | Unisplendour Corp vs. China Construction Bank |
| Shanghai Sanyou vs. Industrial and Commercial | Shanghai Sanyou vs. Kweichow Moutai Co | Shanghai Sanyou vs. Agricultural Bank of | Shanghai Sanyou vs. China Mobile Limited |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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