Correlation Between Guangxi Wuzhou and Uxi Unicomp
Specify exactly 2 symbols:
By analyzing existing cross correlation between Guangxi Wuzhou Communications and Uxi Unicomp Technology, you can compare the effects of market volatilities on Guangxi Wuzhou 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 Guangxi Wuzhou with a short position of Uxi Unicomp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guangxi Wuzhou and Uxi Unicomp.
Diversification Opportunities for Guangxi Wuzhou and Uxi Unicomp
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Guangxi and Uxi is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding Guangxi Wuzhou Communications 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 Guangxi Wuzhou 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 Guangxi Wuzhou Communications 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 Guangxi Wuzhou i.e., Guangxi Wuzhou and Uxi Unicomp go up and down completely randomly.
Pair Corralation between Guangxi Wuzhou and Uxi Unicomp
Assuming the 90 days trading horizon Guangxi Wuzhou Communications is expected to generate 0.43 times more return on investment than Uxi Unicomp. However, Guangxi Wuzhou Communications is 2.35 times less risky than Uxi Unicomp. It trades about 0.1 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 374.00 in Guangxi Wuzhou Communications on August 30, 2024 and sell it today you would earn a total of 11.00 from holding Guangxi Wuzhou Communications or generate 2.94% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
Guangxi Wuzhou Communications vs. Uxi Unicomp Technology
Performance |
| Timeline |
| Guangxi Wuzhou Commu |
| Uxi Unicomp Technology |
Guangxi Wuzhou and Uxi Unicomp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guangxi Wuzhou and Uxi Unicomp
The main advantage of trading using opposite Guangxi Wuzhou and Uxi Unicomp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guangxi Wuzhou 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.| Guangxi Wuzhou vs. Biwin Storage Technology | Guangxi Wuzhou vs. PetroChina Co Ltd | Guangxi Wuzhou vs. Industrial and Commercial | Guangxi Wuzhou vs. China Construction Bank |
| 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
Other Complementary Tools
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories |