Correlation Between Unigroup Guoxin and AVIC Fund
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By analyzing existing cross correlation between Unigroup Guoxin Microelectronics and AVIC Fund Management, you can compare the effects of market volatilities on Unigroup Guoxin and AVIC Fund 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 AVIC Fund. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unigroup Guoxin and AVIC Fund.
Diversification Opportunities for Unigroup Guoxin and AVIC Fund
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Unigroup and AVIC is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Unigroup Guoxin Microelectroni and AVIC Fund Management in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AVIC Fund Management 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 AVIC Fund. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AVIC Fund Management has no effect on the direction of Unigroup Guoxin i.e., Unigroup Guoxin and AVIC Fund go up and down completely randomly.
Pair Corralation between Unigroup Guoxin and AVIC Fund
Assuming the 90 days trading horizon Unigroup Guoxin Microelectronics is expected to under-perform the AVIC Fund. In addition to that, Unigroup Guoxin is 3.77 times more volatile than AVIC Fund Management. It trades about -0.03 of its total potential returns per unit of risk. AVIC Fund Management is currently generating about 0.06 per unit of volatility. If you would invest 884.00 in AVIC Fund Management on September 28, 2024 and sell it today you would earn a total of 169.00 from holding AVIC Fund Management or generate 19.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 89.1% |
| Values | Daily Returns |
Unigroup Guoxin Microelectroni vs. AVIC Fund Management
Performance |
| Timeline |
| Unigroup Guoxin Micr |
| AVIC Fund Management |
Unigroup Guoxin and AVIC Fund Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unigroup Guoxin and AVIC Fund
The main advantage of trading using opposite Unigroup Guoxin and AVIC Fund positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unigroup Guoxin position performs unexpectedly, AVIC Fund 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 AVIC Fund will offset losses from the drop in AVIC Fund's long position.| Unigroup Guoxin vs. Industrial and Commercial | Unigroup Guoxin vs. China Construction Bank | Unigroup Guoxin vs. Agricultural Bank of | Unigroup Guoxin vs. Bank of China |
| AVIC Fund vs. Kunshan Guoli Electronic | AVIC Fund vs. YiDong Electronics Technology | AVIC Fund vs. Eyebright Medical Technology | AVIC Fund vs. Unigroup Guoxin Microelectronics |
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 CEOs Directory module to screen CEOs from public companies around the world.
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