Correlation Between Sihui Fuji and Unigroup Guoxin
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By analyzing existing cross correlation between Sihui Fuji Electronics and Unigroup Guoxin Microelectronics, you can compare the effects of market volatilities on Sihui Fuji 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 Sihui Fuji with a short position of Unigroup Guoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sihui Fuji and Unigroup Guoxin.
Diversification Opportunities for Sihui Fuji and Unigroup Guoxin
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Sihui and Unigroup is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Sihui Fuji Electronics 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 Sihui Fuji 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 Sihui Fuji Electronics 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 Sihui Fuji i.e., Sihui Fuji and Unigroup Guoxin go up and down completely randomly.
Pair Corralation between Sihui Fuji and Unigroup Guoxin
Assuming the 90 days trading horizon Sihui Fuji Electronics is expected to generate 1.36 times more return on investment than Unigroup Guoxin. However, Sihui Fuji is 1.36 times more volatile than Unigroup Guoxin Microelectronics. It trades about 0.19 of its potential returns per unit of risk. Unigroup Guoxin Microelectronics is currently generating about 0.2 per unit of risk. If you would invest 2,556 in Sihui Fuji Electronics on September 24, 2024 and sell it today you would earn a total of 211.00 from holding Sihui Fuji Electronics or generate 8.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sihui Fuji Electronics vs. Unigroup Guoxin Microelectroni
Performance |
| Timeline |
| Sihui Fuji Electronics |
| Unigroup Guoxin Micr |
Sihui Fuji and Unigroup Guoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sihui Fuji and Unigroup Guoxin
The main advantage of trading using opposite Sihui Fuji and Unigroup Guoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sihui Fuji 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.| Sihui Fuji vs. Jason Furniture | Sihui Fuji vs. Bus Online Co | Sihui Fuji vs. BTG Hotels Group | Sihui Fuji vs. Nanxing Furniture Machinery |
| Unigroup Guoxin vs. Bloomage Biotechnology Corp | Unigroup Guoxin vs. Sichuan Hebang Biotechnology | Unigroup Guoxin vs. Hygon Information Technology | Unigroup Guoxin vs. Guangzhou Ruoyuchen Information |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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