Correlation Between Shandong Publishing and Unigroup Guoxin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Shandong Publishing Media and Unigroup Guoxin Microelectronics, you can compare the effects of market volatilities on Shandong Publishing 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 Shandong Publishing with a short position of Unigroup Guoxin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shandong Publishing and Unigroup Guoxin.
Diversification Opportunities for Shandong Publishing and Unigroup Guoxin
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Shandong and Unigroup is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Shandong Publishing Media 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 Shandong Publishing 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 Shandong Publishing Media 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 Shandong Publishing i.e., Shandong Publishing and Unigroup Guoxin go up and down completely randomly.
Pair Corralation between Shandong Publishing and Unigroup Guoxin
Assuming the 90 days trading horizon Shandong Publishing Media is expected to generate 0.87 times more return on investment than Unigroup Guoxin. However, Shandong Publishing Media is 1.15 times less risky than Unigroup Guoxin. It trades about 0.03 of its potential returns per unit of risk. Unigroup Guoxin Microelectronics is currently generating about 0.0 per unit of risk. If you would invest 938.00 in Shandong Publishing Media on August 29, 2024 and sell it today you would earn a total of 105.00 from holding Shandong Publishing Media or generate 11.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shandong Publishing Media vs. Unigroup Guoxin Microelectroni
Performance |
| Timeline |
| Shandong Publishing Media |
| Unigroup Guoxin Micr |
Shandong Publishing and Unigroup Guoxin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shandong Publishing and Unigroup Guoxin
The main advantage of trading using opposite Shandong Publishing and Unigroup Guoxin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shandong Publishing 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.| Shandong Publishing vs. Industrial and Commercial | Shandong Publishing vs. Agricultural Bank of | Shandong Publishing vs. China Construction Bank | Shandong Publishing vs. Bank of China |
| Unigroup Guoxin vs. Uxi Unicomp Technology | Unigroup Guoxin vs. Kingsignal Technology Co | Unigroup Guoxin vs. Dongguan Aohai Technology | Unigroup Guoxin vs. CSSC Offshore Marine |
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
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |