Correlation Between Unigroup Guoxin and Shandong Publishing
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By analyzing existing cross correlation between Unigroup Guoxin Microelectronics and Shandong Publishing Media, you can compare the effects of market volatilities on Unigroup Guoxin and Shandong Publishing 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 Shandong Publishing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unigroup Guoxin and Shandong Publishing.
Diversification Opportunities for Unigroup Guoxin and Shandong Publishing
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Unigroup and Shandong is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Unigroup Guoxin Microelectroni and Shandong Publishing Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shandong Publishing Media 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 Shandong Publishing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shandong Publishing Media has no effect on the direction of Unigroup Guoxin i.e., Unigroup Guoxin and Shandong Publishing go up and down completely randomly.
Pair Corralation between Unigroup Guoxin and Shandong Publishing
Assuming the 90 days trading horizon Unigroup Guoxin Microelectronics is expected to generate 1.65 times more return on investment than Shandong Publishing. However, Unigroup Guoxin is 1.65 times more volatile than Shandong Publishing Media. It trades about 0.16 of its potential returns per unit of risk. Shandong Publishing Media is currently generating about -0.1 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 Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Unigroup Guoxin Microelectroni vs. Shandong Publishing Media
Performance |
| Timeline |
| Unigroup Guoxin Micr |
| Shandong Publishing Media |
Unigroup Guoxin and Shandong Publishing Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unigroup Guoxin and Shandong Publishing
The main advantage of trading using opposite Unigroup Guoxin and Shandong Publishing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unigroup Guoxin position performs unexpectedly, Shandong Publishing 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 Shandong Publishing will offset losses from the drop in Shandong Publishing'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 |
| Shandong Publishing vs. Industrial and Commercial | Shandong Publishing vs. Agricultural Bank of | Shandong Publishing vs. China Construction Bank | Shandong Publishing vs. Bank of China |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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