Correlation Between UNIQA Insurance and Oxford Technology
Can any of the company-specific risk be diversified away by investing in both UNIQA Insurance and Oxford Technology at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining UNIQA Insurance and Oxford Technology into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between UNIQA Insurance Group and Oxford Technology 2, you can compare the effects of market volatilities on UNIQA Insurance and Oxford Technology 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 UNIQA Insurance with a short position of Oxford Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNIQA Insurance and Oxford Technology.
Diversification Opportunities for UNIQA Insurance and Oxford Technology
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between UNIQA and Oxford is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding UNIQA Insurance Group and Oxford Technology 2 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oxford Technology and UNIQA Insurance 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 UNIQA Insurance Group are associated (or correlated) with Oxford Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oxford Technology has no effect on the direction of UNIQA Insurance i.e., UNIQA Insurance and Oxford Technology go up and down completely randomly.
Pair Corralation between UNIQA Insurance and Oxford Technology
If you would invest 745.00 in UNIQA Insurance Group on October 22, 2024 and sell it today you would earn a total of 60.00 from holding UNIQA Insurance Group or generate 8.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.56% |
| Values | Daily Returns |
UNIQA Insurance Group vs. Oxford Technology 2
Performance |
| Timeline |
| UNIQA Insurance Group |
| Oxford Technology |
UNIQA Insurance and Oxford Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNIQA Insurance and Oxford Technology
The main advantage of trading using opposite UNIQA Insurance and Oxford Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNIQA Insurance position performs unexpectedly, Oxford Technology 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 Oxford Technology will offset losses from the drop in Oxford Technology's long position.| UNIQA Insurance vs. DFS Furniture PLC | UNIQA Insurance vs. Bloomsbury Publishing Plc | UNIQA Insurance vs. Lundin Mining Corp | UNIQA Insurance vs. Adriatic Metals |
| Oxford Technology vs. Uniper SE | Oxford Technology vs. Mulberry Group PLC | Oxford Technology vs. London Security Plc | Oxford Technology vs. Triad Group PLC |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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