Correlation Between Loctek Ergonomic and Uxi Unicomp
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By analyzing existing cross correlation between Loctek Ergonomic Technology and Uxi Unicomp Technology, you can compare the effects of market volatilities on Loctek Ergonomic 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 Loctek Ergonomic with a short position of Uxi Unicomp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Loctek Ergonomic and Uxi Unicomp.
Diversification Opportunities for Loctek Ergonomic and Uxi Unicomp
0.87 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Loctek and Uxi is 0.87. Overlapping area represents the amount of risk that can be diversified away by holding Loctek Ergonomic Technology 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 Loctek Ergonomic 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 Loctek Ergonomic Technology 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 Loctek Ergonomic i.e., Loctek Ergonomic and Uxi Unicomp go up and down completely randomly.
Pair Corralation between Loctek Ergonomic and Uxi Unicomp
Assuming the 90 days trading horizon Loctek Ergonomic Technology is expected to generate 0.84 times more return on investment than Uxi Unicomp. However, Loctek Ergonomic Technology is 1.18 times less risky than Uxi Unicomp. It trades about 0.03 of its potential returns per unit of risk. Uxi Unicomp Technology is currently generating about -0.04 per unit of risk. If you would invest 1,559 in Loctek Ergonomic Technology on September 12, 2024 and sell it today you would earn a total of 142.00 from holding Loctek Ergonomic Technology or generate 9.11% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Loctek Ergonomic Technology vs. Uxi Unicomp Technology
Performance |
| Timeline |
| Loctek Ergonomic Tec |
| Uxi Unicomp Technology |
Loctek Ergonomic and Uxi Unicomp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Loctek Ergonomic and Uxi Unicomp
The main advantage of trading using opposite Loctek Ergonomic and Uxi Unicomp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Loctek Ergonomic 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.| Loctek Ergonomic vs. Uxi Unicomp Technology | Loctek Ergonomic vs. Maxvision Technology Corp | Loctek Ergonomic vs. Olympic Circuit Technology | Loctek Ergonomic vs. Shandong Sanyuan Biotechnology |
| Uxi Unicomp vs. Agricultural Bank of | Uxi Unicomp vs. Industrial and Commercial | Uxi Unicomp vs. Bank of China | Uxi Unicomp vs. PetroChina Co Ltd |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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