Correlation Between Sunny Loan and UE Furniture
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By analyzing existing cross correlation between Sunny Loan Top and UE Furniture Co, you can compare the effects of market volatilities on Sunny Loan and UE Furniture 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 Sunny Loan with a short position of UE Furniture. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunny Loan and UE Furniture.
Diversification Opportunities for Sunny Loan and UE Furniture
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sunny and 603600 is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Sunny Loan Top and UE Furniture Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UE Furniture and Sunny Loan 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 Sunny Loan Top are associated (or correlated) with UE Furniture. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UE Furniture has no effect on the direction of Sunny Loan i.e., Sunny Loan and UE Furniture go up and down completely randomly.
Pair Corralation between Sunny Loan and UE Furniture
Assuming the 90 days trading horizon Sunny Loan Top is expected to under-perform the UE Furniture. But the stock apears to be less risky and, when comparing its historical volatility, Sunny Loan Top is 1.03 times less risky than UE Furniture. The stock trades about -0.36 of its potential returns per unit of risk. The UE Furniture Co is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 1,189 in UE Furniture Co on October 29, 2024 and sell it today you would earn a total of 96.00 from holding UE Furniture Co or generate 8.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sunny Loan Top vs. UE Furniture Co
Performance |
| Timeline |
| Sunny Loan Top |
| UE Furniture |
Sunny Loan and UE Furniture Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunny Loan and UE Furniture
The main advantage of trading using opposite Sunny Loan and UE Furniture positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunny Loan position performs unexpectedly, UE Furniture 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 UE Furniture will offset losses from the drop in UE Furniture's long position.| Sunny Loan vs. Jiujiang Shanshui Technology | Sunny Loan vs. Jiahe Foods Industry | Sunny Loan vs. Eyebright Medical Technology | Sunny Loan vs. Beijing Sanyuan Foods |
| UE Furniture vs. Hangzhou Arcvideo Technology | UE Furniture vs. Lootom Telcovideo Network | UE Furniture vs. Jiangsu Yanghe Brewery | UE Furniture vs. Sunny Loan Top |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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