Correlation Between Kingsignal Technology and Unigroup Guoxin
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By analyzing existing cross correlation between Kingsignal Technology Co and Unigroup Guoxin Microelectronics, you can compare the effects of market volatilities on Kingsignal Technology 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 Kingsignal Technology with a short position of Unigroup Guoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Kingsignal Technology and Unigroup Guoxin.
Diversification Opportunities for Kingsignal Technology and Unigroup Guoxin
0.98 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Kingsignal and Unigroup is 0.98. Overlapping area represents the amount of risk that can be diversified away by holding Kingsignal Technology Co 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 Kingsignal Technology 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 Kingsignal Technology Co 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 Kingsignal Technology i.e., Kingsignal Technology and Unigroup Guoxin go up and down completely randomly.
Pair Corralation between Kingsignal Technology and Unigroup Guoxin
Assuming the 90 days trading horizon Kingsignal Technology Co is expected to generate 1.08 times more return on investment than Unigroup Guoxin. However, Kingsignal Technology is 1.08 times more volatile than Unigroup Guoxin Microelectronics. It trades about -0.06 of its potential returns per unit of risk. Unigroup Guoxin Microelectronics is currently generating about -0.09 per unit of risk. If you would invest 949.00 in Kingsignal Technology Co on August 29, 2024 and sell it today you would lose (61.00) from holding Kingsignal Technology Co or give up 6.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Kingsignal Technology Co vs. Unigroup Guoxin Microelectroni
Performance |
| Timeline |
| Kingsignal Technology |
| Unigroup Guoxin Micr |
Kingsignal Technology and Unigroup Guoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Kingsignal Technology and Unigroup Guoxin
The main advantage of trading using opposite Kingsignal Technology and Unigroup Guoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Kingsignal Technology 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.| Kingsignal Technology vs. China State Construction | Kingsignal Technology vs. Huafa Industrial Co | Kingsignal Technology vs. China International Capital | Kingsignal Technology vs. Kweichow Moutai Co |
| Unigroup Guoxin vs. Uxi Unicomp Technology | Unigroup Guoxin vs. Kingsignal Technology Co | Unigroup Guoxin vs. Dongguan Aohai Technology | Unigroup Guoxin vs. CSSC Offshore Marine |
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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