Correlation Between Peoples Insurance and Uxi Unicomp
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By analyzing existing cross correlation between Peoples Insurance of and Uxi Unicomp Technology, you can compare the effects of market volatilities on Peoples Insurance 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 Peoples Insurance with a short position of Uxi Unicomp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Peoples Insurance and Uxi Unicomp.
Diversification Opportunities for Peoples Insurance and Uxi Unicomp
0.96 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Peoples and Uxi is 0.96. Overlapping area represents the amount of risk that can be diversified away by holding Peoples Insurance of 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 Peoples Insurance 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 Peoples Insurance of 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 Peoples Insurance i.e., Peoples Insurance and Uxi Unicomp go up and down completely randomly.
Pair Corralation between Peoples Insurance and Uxi Unicomp
Assuming the 90 days trading horizon Peoples Insurance of is expected to generate 0.74 times more return on investment than Uxi Unicomp. However, Peoples Insurance of is 1.34 times less risky than Uxi Unicomp. It trades about 0.05 of its potential returns per unit of risk. Uxi Unicomp Technology is currently generating about -0.01 per unit of risk. If you would invest 710.00 in Peoples Insurance of on August 31, 2024 and sell it today you would earn a total of 14.00 from holding Peoples Insurance of or generate 1.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Peoples Insurance of vs. Uxi Unicomp Technology
Performance |
| Timeline |
| Peoples Insurance |
| Uxi Unicomp Technology |
Peoples Insurance and Uxi Unicomp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Peoples Insurance and Uxi Unicomp
The main advantage of trading using opposite Peoples Insurance and Uxi Unicomp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Peoples Insurance 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.| Peoples Insurance vs. Emdoor Information Co | Peoples Insurance vs. Focus Media Information | Peoples Insurance vs. Dawning Information Industry | Peoples Insurance vs. Guilin Seamild Foods |
| Uxi Unicomp vs. Cultural Investment Holdings | Uxi Unicomp vs. Gome Telecom Equipment | Uxi Unicomp vs. Bus Online Co | Uxi Unicomp vs. Holitech Technology Co |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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