Correlation Between Unigroup Guoxin and Tianfeng Securities
Specify exactly 2 symbols:
By analyzing existing cross correlation between Unigroup Guoxin Microelectronics and Tianfeng Securities Co, you can compare the effects of market volatilities on Unigroup Guoxin and Tianfeng Securities 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 Tianfeng Securities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Unigroup Guoxin and Tianfeng Securities.
Diversification Opportunities for Unigroup Guoxin and Tianfeng Securities
0.95 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Unigroup and Tianfeng is 0.95. Overlapping area represents the amount of risk that can be diversified away by holding Unigroup Guoxin Microelectroni and Tianfeng Securities Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tianfeng Securities 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 Tianfeng Securities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tianfeng Securities has no effect on the direction of Unigroup Guoxin i.e., Unigroup Guoxin and Tianfeng Securities go up and down completely randomly.
Pair Corralation between Unigroup Guoxin and Tianfeng Securities
Assuming the 90 days trading horizon Unigroup Guoxin Microelectronics is expected to under-perform the Tianfeng Securities. But the stock apears to be less risky and, when comparing its historical volatility, Unigroup Guoxin Microelectronics is 1.04 times less risky than Tianfeng Securities. The stock trades about -0.04 of its potential returns per unit of risk. The Tianfeng Securities Co is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 298.00 in Tianfeng Securities Co on September 3, 2024 and sell it today you would earn a total of 183.00 from holding Tianfeng Securities Co or generate 61.41% 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. Tianfeng Securities Co
Performance |
| Timeline |
| Unigroup Guoxin Micr |
| Tianfeng Securities |
Unigroup Guoxin and Tianfeng Securities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Unigroup Guoxin and Tianfeng Securities
The main advantage of trading using opposite Unigroup Guoxin and Tianfeng Securities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Unigroup Guoxin position performs unexpectedly, Tianfeng Securities 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 Tianfeng Securities will offset losses from the drop in Tianfeng Securities' long position.| Unigroup Guoxin vs. Agricultural Bank of | Unigroup Guoxin vs. China Construction Bank | Unigroup Guoxin vs. Postal Savings Bank | Unigroup Guoxin vs. Bank of Communications |
| Tianfeng Securities vs. Huasi Agricultural Development | Tianfeng Securities vs. Guilin Seamild Foods | Tianfeng Securities vs. V V Food | Tianfeng Securities vs. Great Sun Foods Co |
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 Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk |