Correlation Between HanS Laser and UCloud Technology
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By analyzing existing cross correlation between HanS Laser Tech and UCloud Technology Co, you can compare the effects of market volatilities on HanS Laser and UCloud Technology 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 HanS Laser with a short position of UCloud Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of HanS Laser and UCloud Technology.
Diversification Opportunities for HanS Laser and UCloud Technology
0.65 | Correlation Coefficient |
Poor diversification
The 3 months correlation between HanS and UCloud is 0.65. Overlapping area represents the amount of risk that can be diversified away by holding HanS Laser Tech and UCloud Technology Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UCloud Technology and HanS Laser 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 HanS Laser Tech are associated (or correlated) with UCloud Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UCloud Technology has no effect on the direction of HanS Laser i.e., HanS Laser and UCloud Technology go up and down completely randomly.
Pair Corralation between HanS Laser and UCloud Technology
Assuming the 90 days trading horizon HanS Laser Tech is expected to generate 0.72 times more return on investment than UCloud Technology. However, HanS Laser Tech is 1.39 times less risky than UCloud Technology. It trades about 0.04 of its potential returns per unit of risk. UCloud Technology Co is currently generating about -0.01 per unit of risk. If you would invest 2,457 in HanS Laser Tech on October 25, 2024 and sell it today you would earn a total of 115.00 from holding HanS Laser Tech or generate 4.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
HanS Laser Tech vs. UCloud Technology Co
Performance |
| Timeline |
| HanS Laser Tech |
| UCloud Technology |
HanS Laser and UCloud Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HanS Laser and UCloud Technology
The main advantage of trading using opposite HanS Laser and UCloud Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HanS Laser position performs unexpectedly, UCloud Technology 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 UCloud Technology will offset losses from the drop in UCloud Technology's long position.| HanS Laser vs. Changchun Engley Automobile | HanS Laser vs. Beijing Enlight Media | HanS Laser vs. CIMC Vehicles Co | HanS Laser vs. Thinkingdom Media Group |
| UCloud Technology vs. Kweichow Moutai Co | UCloud Technology vs. NAURA Technology Group | UCloud Technology vs. APT Medical | UCloud Technology vs. BYD Co Ltd |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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