Correlation Between Iat Automobile and Uxi Unicomp
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By analyzing existing cross correlation between Iat Automobile Technology and Uxi Unicomp Technology, you can compare the effects of market volatilities on Iat Automobile 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 Iat Automobile with a short position of Uxi Unicomp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Iat Automobile and Uxi Unicomp.
Diversification Opportunities for Iat Automobile and Uxi Unicomp
0.81 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Iat and Uxi is 0.81. Overlapping area represents the amount of risk that can be diversified away by holding Iat Automobile 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 Iat Automobile 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 Iat Automobile 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 Iat Automobile i.e., Iat Automobile and Uxi Unicomp go up and down completely randomly.
Pair Corralation between Iat Automobile and Uxi Unicomp
Assuming the 90 days trading horizon Iat Automobile Technology is expected to generate 1.54 times more return on investment than Uxi Unicomp. However, Iat Automobile is 1.54 times more volatile than Uxi Unicomp Technology. It trades about 0.14 of its potential returns per unit of risk. Uxi Unicomp Technology is currently generating about -0.19 per unit of risk. If you would invest 1,207 in Iat Automobile Technology on September 12, 2024 and sell it today you would earn a total of 128.00 from holding Iat Automobile Technology or generate 10.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Iat Automobile Technology vs. Uxi Unicomp Technology
Performance |
| Timeline |
| Iat Automobile Technology |
| Uxi Unicomp Technology |
Iat Automobile and Uxi Unicomp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Iat Automobile and Uxi Unicomp
The main advantage of trading using opposite Iat Automobile and Uxi Unicomp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Iat Automobile 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.| Iat Automobile vs. Lutian Machinery Co | Iat Automobile vs. PetroChina Co Ltd | Iat Automobile vs. Bank of China | Iat Automobile vs. Gansu Jiu Steel |
| 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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