Correlation Between China Asset and Unisplendour Corp
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By analyzing existing cross correlation between China Asset Management and Unisplendour Corp, you can compare the effects of market volatilities on China Asset and Unisplendour Corp 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 China Asset with a short position of Unisplendour Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of China Asset and Unisplendour Corp.
Diversification Opportunities for China Asset and Unisplendour Corp
0.21 | Correlation Coefficient |
Modest diversification
The 3 months correlation between China and Unisplendour is 0.21. Overlapping area represents the amount of risk that can be diversified away by holding China Asset Management and Unisplendour Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unisplendour Corp and China Asset 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 China Asset Management are associated (or correlated) with Unisplendour Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unisplendour Corp has no effect on the direction of China Asset i.e., China Asset and Unisplendour Corp go up and down completely randomly.
Pair Corralation between China Asset and Unisplendour Corp
Assuming the 90 days trading horizon China Asset Management is expected to generate 0.28 times more return on investment than Unisplendour Corp. However, China Asset Management is 3.61 times less risky than Unisplendour Corp. It trades about 0.47 of its potential returns per unit of risk. Unisplendour Corp is currently generating about 0.02 per unit of risk. If you would invest 345.00 in China Asset Management on October 14, 2024 and sell it today you would earn a total of 32.00 from holding China Asset Management or generate 9.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
China Asset Management vs. Unisplendour Corp
Performance |
| Timeline |
| China Asset Management |
| Unisplendour Corp |
China Asset and Unisplendour Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with China Asset and Unisplendour Corp
The main advantage of trading using opposite China Asset and Unisplendour Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if China Asset position performs unexpectedly, Unisplendour Corp 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 Unisplendour Corp will offset losses from the drop in Unisplendour Corp's long position.| China Asset vs. PKU HealthCare Corp | China Asset vs. Heren Health Co | China Asset vs. Soyea Technology Co | China Asset vs. Shandong Sinoglory Health |
| Unisplendour Corp vs. Touchstone International Medical | Unisplendour Corp vs. China Asset Management | Unisplendour Corp vs. Allmed Medical Products | Unisplendour Corp vs. Innovative Medical Management |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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