Correlation Between Jilin Jlu and Uxi Unicomp
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By analyzing existing cross correlation between Jilin Jlu Communication and Uxi Unicomp Technology, you can compare the effects of market volatilities on Jilin Jlu 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 Jilin Jlu with a short position of Uxi Unicomp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Jilin Jlu and Uxi Unicomp.
Diversification Opportunities for Jilin Jlu and Uxi Unicomp
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Jilin and Uxi is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Jilin Jlu Communication 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 Jilin Jlu 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 Jilin Jlu Communication 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 Jilin Jlu i.e., Jilin Jlu and Uxi Unicomp go up and down completely randomly.
Pair Corralation between Jilin Jlu and Uxi Unicomp
Assuming the 90 days trading horizon Jilin Jlu Communication is expected to generate 1.08 times more return on investment than Uxi Unicomp. However, Jilin Jlu is 1.08 times more volatile than Uxi Unicomp Technology. It trades about 0.11 of its potential returns per unit of risk. Uxi Unicomp Technology is currently generating about -0.14 per unit of risk. If you would invest 884.00 in Jilin Jlu Communication on August 30, 2024 and sell it today you would earn a total of 70.00 from holding Jilin Jlu Communication or generate 7.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Jilin Jlu Communication vs. Uxi Unicomp Technology
Performance |
| Timeline |
| Jilin Jlu Communication |
| Uxi Unicomp Technology |
Jilin Jlu and Uxi Unicomp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Jilin Jlu and Uxi Unicomp
The main advantage of trading using opposite Jilin Jlu and Uxi Unicomp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Jilin Jlu 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.| Jilin Jlu vs. Shenzhen MTC Co | Jilin Jlu vs. Ming Yang Smart | Jilin Jlu vs. Changzhou Almaden Co | Jilin Jlu vs. 159681 |
| Uxi Unicomp vs. China Petroleum Chemical | Uxi Unicomp vs. PetroChina Co Ltd | Uxi Unicomp vs. China State Construction | Uxi Unicomp vs. China Railway 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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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