Correlation Between Unigroup Guoxin and Shenzhen Clou
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By analyzing existing cross correlation between Unigroup Guoxin Microelectronics and Shenzhen Clou Electronics, you can compare the effects of market volatilities on Unigroup Guoxin and Shenzhen Clou 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 Shenzhen Clou. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unigroup Guoxin and Shenzhen Clou.
Diversification Opportunities for Unigroup Guoxin and Shenzhen Clou
0.89 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Unigroup and Shenzhen is 0.89. Overlapping area represents the amount of risk that can be diversified away by holding Unigroup Guoxin Microelectroni and Shenzhen Clou Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shenzhen Clou Electronics 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 Shenzhen Clou. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shenzhen Clou Electronics has no effect on the direction of Unigroup Guoxin i.e., Unigroup Guoxin and Shenzhen Clou go up and down completely randomly.
Pair Corralation between Unigroup Guoxin and Shenzhen Clou
Assuming the 90 days trading horizon Unigroup Guoxin Microelectronics is expected to generate 1.1 times more return on investment than Shenzhen Clou. However, Unigroup Guoxin is 1.1 times more volatile than Shenzhen Clou Electronics. It trades about 0.16 of its potential returns per unit of risk. Shenzhen Clou Electronics is currently generating about 0.14 per unit of risk. If you would invest 4,608 in Unigroup Guoxin Microelectronics on August 29, 2024 and sell it today you would earn a total of 1,737 from holding Unigroup Guoxin Microelectronics or generate 37.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unigroup Guoxin Microelectroni vs. Shenzhen Clou Electronics
Performance |
| Timeline |
| Unigroup Guoxin Micr |
| Shenzhen Clou Electronics |
Unigroup Guoxin and Shenzhen Clou Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unigroup Guoxin and Shenzhen Clou
The main advantage of trading using opposite Unigroup Guoxin and Shenzhen Clou positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unigroup Guoxin position performs unexpectedly, Shenzhen Clou 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 Shenzhen Clou will offset losses from the drop in Shenzhen Clou's long position.| Unigroup Guoxin vs. Uxi Unicomp Technology | Unigroup Guoxin vs. Kingsignal Technology Co | Unigroup Guoxin vs. Dongguan Aohai Technology | Unigroup Guoxin vs. CSSC Offshore Marine |
| Shenzhen Clou vs. PetroChina Co Ltd | Shenzhen Clou vs. China State Construction | Shenzhen Clou vs. China Mobile Limited | Shenzhen Clou vs. Industrial and Commercial |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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