Correlation Between BlueFocus Communication and Unigroup Guoxin
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By analyzing existing cross correlation between BlueFocus Communication Group and Unigroup Guoxin Microelectronics, you can compare the effects of market volatilities on BlueFocus Communication 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 BlueFocus Communication with a short position of Unigroup Guoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of BlueFocus Communication and Unigroup Guoxin.
Diversification Opportunities for BlueFocus Communication and Unigroup Guoxin
-0.08 | Correlation Coefficient |
Good diversification
The 3 months correlation between BlueFocus and Unigroup is -0.08. Overlapping area represents the amount of risk that can be diversified away by holding BlueFocus Communication Group 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 BlueFocus Communication 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 BlueFocus Communication Group 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 BlueFocus Communication i.e., BlueFocus Communication and Unigroup Guoxin go up and down completely randomly.
Pair Corralation between BlueFocus Communication and Unigroup Guoxin
Assuming the 90 days trading horizon BlueFocus Communication Group is expected to generate 2.58 times more return on investment than Unigroup Guoxin. However, BlueFocus Communication is 2.58 times more volatile than Unigroup Guoxin Microelectronics. It trades about -0.08 of its potential returns per unit of risk. Unigroup Guoxin Microelectronics is currently generating about -0.25 per unit of risk. If you would invest 1,054 in BlueFocus Communication Group on October 21, 2024 and sell it today you would lose (124.00) from holding BlueFocus Communication Group or give up 11.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
BlueFocus Communication Group vs. Unigroup Guoxin Microelectroni
Performance |
| Timeline |
| BlueFocus Communication |
| Unigroup Guoxin Micr |
BlueFocus Communication and Unigroup Guoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BlueFocus Communication and Unigroup Guoxin
The main advantage of trading using opposite BlueFocus Communication and Unigroup Guoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BlueFocus Communication 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.| BlueFocus Communication vs. Sanbo Hospital Management | BlueFocus Communication vs. Everjoy Health Group | BlueFocus Communication vs. Healthcare Co | BlueFocus Communication vs. City Development Environment |
| Unigroup Guoxin vs. Shanghai Yaoji Playing | Unigroup Guoxin vs. China Sports Industry | Unigroup Guoxin vs. Hefei Metalforming Mach | Unigroup Guoxin vs. Kingclean Electric 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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