Correlation Between Unigroup Guoxin and Wuliangye Yibin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Unigroup Guoxin Microelectronics and Wuliangye Yibin Co, you can compare the effects of market volatilities on Unigroup Guoxin and Wuliangye Yibin 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 Unigroup Guoxin with a short position of Wuliangye Yibin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unigroup Guoxin and Wuliangye Yibin.
Diversification Opportunities for Unigroup Guoxin and Wuliangye Yibin
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Unigroup and Wuliangye is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Unigroup Guoxin Microelectroni and Wuliangye Yibin Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wuliangye Yibin and Unigroup Guoxin 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 Unigroup Guoxin Microelectronics are associated (or correlated) with Wuliangye Yibin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wuliangye Yibin has no effect on the direction of Unigroup Guoxin i.e., Unigroup Guoxin and Wuliangye Yibin go up and down completely randomly.
Pair Corralation between Unigroup Guoxin and Wuliangye Yibin
Assuming the 90 days trading horizon Unigroup Guoxin Microelectronics is expected to generate 1.57 times more return on investment than Wuliangye Yibin. However, Unigroup Guoxin is 1.57 times more volatile than Wuliangye Yibin Co. It trades about -0.07 of its potential returns per unit of risk. Wuliangye Yibin Co is currently generating about -0.14 per unit of risk. If you would invest 6,887 in Unigroup Guoxin Microelectronics on August 27, 2024 and sell it today you would lose (411.00) from holding Unigroup Guoxin Microelectronics or give up 5.97% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unigroup Guoxin Microelectroni vs. Wuliangye Yibin Co
Performance |
| Timeline |
| Unigroup Guoxin Micr |
| Wuliangye Yibin |
Unigroup Guoxin and Wuliangye Yibin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unigroup Guoxin and Wuliangye Yibin
The main advantage of trading using opposite Unigroup Guoxin and Wuliangye Yibin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unigroup Guoxin position performs unexpectedly, Wuliangye Yibin 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 Wuliangye Yibin will offset losses from the drop in Wuliangye Yibin's long position.| Unigroup Guoxin vs. Nanjing Putian Telecommunications | Unigroup Guoxin vs. Shenzhen Hifuture Electric | Unigroup Guoxin vs. Shenyang Huitian Thermal | Unigroup Guoxin vs. Jiangsu Xinning Modern |
| Wuliangye Yibin vs. Arrow Home Group | Wuliangye Yibin vs. Xizi Clean Energy | Wuliangye Yibin vs. Shaanxi Meineng Clean | Wuliangye Yibin vs. Cangzhou Mingzhu Plastic |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |