Correlation Between Success Electronics and Unigroup Guoxin
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By analyzing existing cross correlation between Success Electronics and Unigroup Guoxin Microelectronics, you can compare the effects of market volatilities on Success Electronics and Unigroup Guoxin 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 Success Electronics with a short position of Unigroup Guoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Success Electronics and Unigroup Guoxin.
Diversification Opportunities for Success Electronics and Unigroup Guoxin
0.71 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Success and Unigroup is 0.71. Overlapping area represents the amount of risk that can be diversified away by holding Success Electronics and Unigroup Guoxin Microelectroni in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unigroup Guoxin Micr and Success Electronics 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 Success Electronics are associated (or correlated) with Unigroup Guoxin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unigroup Guoxin Micr has no effect on the direction of Success Electronics i.e., Success Electronics and Unigroup Guoxin go up and down completely randomly.
Pair Corralation between Success Electronics and Unigroup Guoxin
Assuming the 90 days trading horizon Success Electronics is expected to under-perform the Unigroup Guoxin. In addition to that, Success Electronics is 1.04 times more volatile than Unigroup Guoxin Microelectronics. It trades about -0.03 of its total potential returns per unit of risk. Unigroup Guoxin Microelectronics is currently generating about 0.02 per unit of volatility. If you would invest 6,341 in Unigroup Guoxin Microelectronics on September 12, 2024 and sell it today you would earn a total of 249.00 from holding Unigroup Guoxin Microelectronics or generate 3.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Success Electronics vs. Unigroup Guoxin Microelectroni
Performance |
| Timeline |
| Success Electronics |
| Unigroup Guoxin Micr |
Success Electronics and Unigroup Guoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Success Electronics and Unigroup Guoxin
The main advantage of trading using opposite Success Electronics and Unigroup Guoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Success Electronics position performs unexpectedly, Unigroup Guoxin 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 Unigroup Guoxin will offset losses from the drop in Unigroup Guoxin's long position.| Success Electronics vs. Gansu Jiu Steel | Success Electronics vs. Shandong Mining Machinery | Success Electronics vs. Aba Chemicals Corp | Success Electronics vs. BlueFocus Communication Group |
| Unigroup Guoxin vs. Gansu Jiu Steel | Unigroup Guoxin vs. Shandong Mining Machinery | Unigroup Guoxin vs. Aba Chemicals Corp | Unigroup Guoxin vs. BlueFocus Communication Group |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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