Correlation Between Hunan Nanling and Uxi Unicomp
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By analyzing existing cross correlation between Hunan Nanling Industrial and Uxi Unicomp Technology, you can compare the effects of market volatilities on Hunan Nanling and Uxi Unicomp 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 Hunan Nanling with a short position of Uxi Unicomp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hunan Nanling and Uxi Unicomp.
Diversification Opportunities for Hunan Nanling and Uxi Unicomp
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Hunan and Uxi is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Hunan Nanling Industrial and Uxi Unicomp Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Uxi Unicomp Technology and Hunan Nanling 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 Hunan Nanling Industrial are associated (or correlated) with Uxi Unicomp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Uxi Unicomp Technology has no effect on the direction of Hunan Nanling i.e., Hunan Nanling and Uxi Unicomp go up and down completely randomly.
Pair Corralation between Hunan Nanling and Uxi Unicomp
Assuming the 90 days trading horizon Hunan Nanling Industrial is expected to generate 0.68 times more return on investment than Uxi Unicomp. However, Hunan Nanling Industrial is 1.48 times less risky than Uxi Unicomp. It trades about 0.06 of its potential returns per unit of risk. Uxi Unicomp Technology is currently generating about -0.01 per unit of risk. If you would invest 975.00 in Hunan Nanling Industrial on August 28, 2024 and sell it today you would earn a total of 251.00 from holding Hunan Nanling Industrial or generate 25.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hunan Nanling Industrial vs. Uxi Unicomp Technology
Performance |
| Timeline |
| Hunan Nanling Industrial |
| Uxi Unicomp Technology |
Hunan Nanling and Uxi Unicomp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hunan Nanling and Uxi Unicomp
The main advantage of trading using opposite Hunan Nanling and Uxi Unicomp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hunan Nanling position performs unexpectedly, Uxi Unicomp 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 Uxi Unicomp will offset losses from the drop in Uxi Unicomp's long position.| Hunan Nanling vs. CGN Nuclear Technology | Hunan Nanling vs. Jiangsu Phoenix Publishing | Hunan Nanling vs. Keli Sensing Technology | Hunan Nanling vs. Guangzhou KingTeller Technology |
| Uxi Unicomp vs. Biwin Storage Technology | Uxi Unicomp vs. PetroChina Co Ltd | Uxi Unicomp vs. Industrial and Commercial | Uxi Unicomp vs. China Construction Bank |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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