Correlation Between Unigroup Guoxin and Ningbo Jianan
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By analyzing existing cross correlation between Unigroup Guoxin Microelectronics and Ningbo Jianan Electronics, you can compare the effects of market volatilities on Unigroup Guoxin and Ningbo Jianan 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 Ningbo Jianan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unigroup Guoxin and Ningbo Jianan.
Diversification Opportunities for Unigroup Guoxin and Ningbo Jianan
0.93 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Unigroup and Ningbo is 0.93. Overlapping area represents the amount of risk that can be diversified away by holding Unigroup Guoxin Microelectroni and Ningbo Jianan Electronics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ningbo Jianan 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 Ningbo Jianan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ningbo Jianan Electronics has no effect on the direction of Unigroup Guoxin i.e., Unigroup Guoxin and Ningbo Jianan go up and down completely randomly.
Pair Corralation between Unigroup Guoxin and Ningbo Jianan
Assuming the 90 days trading horizon Unigroup Guoxin Microelectronics is expected to under-perform the Ningbo Jianan. But the stock apears to be less risky and, when comparing its historical volatility, Unigroup Guoxin Microelectronics is 1.37 times less risky than Ningbo Jianan. The stock trades about 0.0 of its potential returns per unit of risk. The Ningbo Jianan Electronics is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 1,955 in Ningbo Jianan Electronics on August 29, 2024 and sell it today you would earn a total of 457.00 from holding Ningbo Jianan Electronics or generate 23.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unigroup Guoxin Microelectroni vs. Ningbo Jianan Electronics
Performance |
| Timeline |
| Unigroup Guoxin Micr |
| Ningbo Jianan Electronics |
Unigroup Guoxin and Ningbo Jianan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unigroup Guoxin and Ningbo Jianan
The main advantage of trading using opposite Unigroup Guoxin and Ningbo Jianan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unigroup Guoxin position performs unexpectedly, Ningbo Jianan 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 Ningbo Jianan will offset losses from the drop in Ningbo Jianan'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 |
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